4Corporate Information公司资料

6Corporate Event Highlights企业活动摘要

10Chairman’s Statement主席报告

14Management Discusion and Analysis管理层讨论与分析

28Five Year Financial Sumary五年财务概要

31Directors’ Report董事会报告

51Corporate Governance Report企业管治报告

76Directors and Senior Management董事及高级管理层

88Environmental, Social and Governance Report环境、社会及管治报告

124Independent Auditor’s Report独立核数师报告

132Consolidated Statement of Profit or Los and

Other Comprehensive Income

综合损益及其他全面收益表

133Consolidated Statement of Financial Position综合财务状况表

135Consolidated Statement of Changes in Equity综合权益变动表

136Consolidated Statement of Cash Flows综合现金流量表

138Notes to Consolidated Financial Statements综合财务报表附注

ABOUT

AP RENTALS

关于亚积邦租赁

We are a leading equipment rental service company in Hong Kong with the capability of providing a wide

range of construction, E&M enginering and event and entertainment equipment, equipment rental-

related solutions and value-aded services to our customers. We serve a diverse range of customers

including leading construction and E&M enginering companies and large scale event and entertainment

companies. Our rental equipment principaly covers power and energy equipment, high-reach

equipment, material handling equipment and other equipment (include lifting, earth moving, foundation,

road and transportation, tuneling, demolition and smal equipment).

亚积邦租赁是香港的领先设备出租服务公司，有能力向客户提供各式各样建筑、机电工程及节目及

娱乐设备、设备出租相关解决方案及增值服务。我们为各大建筑及机电工程公司以及大型节目及娱

乐公司等不同范畴的客户提供服务。出租设备主要包括动力能源设备、高空工作设备、物料处理设

备及其他设备（包括起重、土方工程、地基、道路及交通、隧道、拆卸及小型设备）。

ABOUT

AP RENTALS

关于亚积邦租赁

CORPORATE INFORMATION

公司资料

AP Rentals Holdings Limited / Anual Report 20254

BOARD OF DIRECTORS

Executive Directors:

Lau Pong Sing (Chairman)

Chan Kit Mui, Lina

Lau Tsz Fung (apointed on 1 April 2024)

Non-executive Director:

Nakazawa Tomokatsu

Independent Non-executive Directors:

Ho Chung Tai, Raymond

Siu Chak Yu

Li Ping Chi (retired with efect from the conclusion of

the anual general meting of the Company held on 28 August 2024)

Lam Sau Fung (apointed with efect from the conclusion of

the anual general meting of the Company held on 28 August 2024)

AUDIT COMITE

Li Ping Chi (Chairman) (ceased to be chairman with efect from

the conclusion of the anual general meting of the Company

held on 28 August 2024)

Lam Sau Fung (Chairman) (apointed with efect from

the conclusion of the anual general meting of the Company

held on 28 August 2024)

Ho Chung Tai, Raymond

Siu Chak Yu

REMUNERATION COMITE

Siu Chak Yu (Chairman)

Li Ping Chi (ceased to be a member with efect from the conclusion of

the anual general meting of the Company held on 28 August 2024)

Lam Sau Fung (apointed as a member with efect from

the conclusion of the anual general meting of the Company held

on 28 August 2024)

Lau Pong Sing

NOMINATION COMITE

Lau Pong Sing (Chairman)

Siu Chak Yu

Li Ping Chi (ceased to be a member with efect from the conclusion of

the anual general meting of the Company held on 28 August 2024)

Lam Sau Fung (apointed as a member with efect from

the conclusion of the anual general meting of the Company

held on 28 August 2024)

RISK MANAGEMENT COMITE

Lau Pong Sing (Chairman)

Chan Kit Mui, Lina

Wong Cheuk Man

Lau Tsz Fung (apointed with efect from 19 October 2024)

AUTHORISED REPRESENTATIVES

Lau Pong Sing

Wong Cheuk Man

董事会

执行董事：

刘邦成（主席）

陈洁梅

刘子锋（于2024年4月1日获委任）

非执行董事：

中泽友克

独立非执行董事：

何钟泰

萧泽宇

李炳志（自本公司于2024年8月28日举行的

股东周年大会结束时起退任）

林秀凤（自本公司于2024年8月28日举行的

股东周年大会结束时起获委任）

审核委员会

李炳志（主席）（自本公司于2024年8月28日

举行的股东周年大会结束时起

不再担任主席）

林秀凤（主席）（自本公司于2024年8月28日

举行的股东周年大会结束时起获委任）

何钟泰

萧泽宇

薪酬委员会

萧泽宇（主席）

李炳志（自本公司于2024年8月28日举行的

股东周年大会结束时起不再担任成员）

林秀凤（自本公司于2024年8月28日举行的

股东周年大会结束时起获委任为成员）

刘邦成

提名委员会

刘邦成（主席）

萧泽宇

李炳志（自本公司于2024年8月28日举行的

股东周年大会结束时起不再担任成员）

林秀凤（自本公司于2024年8月28日举行的

股东周年大会结束时起获委任为成员）

风险管理委员会

刘邦成（主席）

陈洁梅

王卓敏

刘子锋（自2024年10月19日起获委任）

授权代表

刘邦成

王卓敏

CORPORATE INFORMATION

公司资料

亚积邦租赁控股有限公司 / 2025年报5

公司秘书

王卓敏（HKICPA、ACA）

核数师

德勤•关黄陈方会计师行

执业会计师

注册公众利益实体核数师

香港

金钟道88号

太古广场一座35楼

法律顾问

有关香港法律

的近律师行

香港

中环遮打道18号

历山大厦5楼

主要往来银行

香港上海汇丰银行有限公司

股份过户登记总处

Conyers Trust Company (Cayman) Limited

Cricket Square, Hutchins Drive

P.O. Box 2681

Grand Cayman KY1-1111

Cayman Islands

香港股份过户登记分处

香港中央证券登记有限公司

香港

湾仔皇后大道东183号

合和中心17楼1712至1716号舖

注册办事处

Cricket Square, Hutchins Drive

P.O. Box 2681

Grand Cayman KY1-1111

Cayman Islands

总办事处及香港主要营业地点

香港

九龙

么地道75号

南洋中心第二座

8楼806A室

股份代号

公司网址

w.apholdingshk.com

COMPANY SECRETARY

Wong Cheuk Man (HKICPA, ACA)

AUDITOR

Deloite Touche Tohmatsu

Certified Public Acountants

Registered Public Interest Entity Auditor

35th Flor, One Pacific Place

88 Quensway

Hong Kong

LEGAL ADVISER

As to Hong Kong Law

Deacons

5th Flor, Alexandra House

18 Chater Road, Central

Hong Kong

PRINCIPAL BANKER

The Hongkong and Shanghai Banking Corporation Limited

PRINCIPAL SHARE REGISTRAR AND TRANSFER OFICE

Conyers Trust Company (Cayman) Limited

Cricket Square, Hutchins Drive

P. O. Box 2681

Grand Cayman KY1-1111

Cayman Islands

HONG KONG BRANCH SHARE REGISTRAR AND

TRANSFER OFICE

Computershare Hong Kong Investor Services Limited

Shops 1712–1716, 17th Flor, Hopewel Centre

183 Quen’s Road East, Wanchai

Hong Kong

REGISTERED OFICE

Cricket Square, Hutchins Drive

P. O. Box 2681

Grand Cayman KY1-1111

Cayman Islands

HEAD OFICE AND PRINCIPAL PLACE OF BUSINES IN

HONG KONG

Unit 806A, 8th Flor,

Tower I, South Seas Centre,

No. 75 Mody Road,

Kowlon

Hong Kong

STOCK CODE

COMPANY WEBSITE

w.apholdingshk.com

CORPORATE EVENT HIGHLIGHTS

企业活动摘要

AP Rentals Holdings Limited / Anual Report 20256

MAJOR AWARDS OF THE YEAR

September 2024

The Outstanding Corporate Strategy Awards 2024

In September, the Company also received the Outstanding Corporate

Strategy Awards 2024, which was granted by the East Wek.

年度重要奖项

2024年9月

杰出企业策略大奖2024

于9月，本公司亦荣获《东周刊》颁发的杰出企业

策略大奖2024。

CORPORATE EVENT HIGHLIGHTS

企业活动摘要

亚积邦租赁控股有限公司 / 2025年报7

2024 Most Inovative Enterprise Award

The Group is delighted that the key values of the Group — building on

profesionalism and continuous inovation and providing one-stop

solutions to our customer, have ben widely acepted and recognized by

the market but also by the comunity.

In September 2024, the Company received the “2024 Most Inovative

Enterprise Award”.

The 2024 Most Inovative Enterprise Award recognized 32 outstanding

companies acros various sectors including profesional services, IT,

healthcare, construction, and more, acording to Busines Inovator. The

awards aim to promote inovative busines solutions and recognize the

achievements of leading enterprises in Hong Kong.

2024年度卓越创新企业大奖

本集团十分高兴，本集团的主要价值观 — 以专

业精神及持续创新为基础，为客户提供一站式解

决方案 — 已获得市场甚至社会的广泛认可。

于2024年9月，本公司荣获「2024年度卓越创新

企业大奖」。

根据Busines Inovator报道，2024年度卓越创新

企业大奖共表彰32家来自专业服务、资讯科技、

医疗保健、建筑等多个领域的杰出企业。该奖项

旨在推广创新的商业方案，并表扬香港领先企业

的成就。

Chairman; Chief Executive Oficer

and Executive Director

Mr. Lau Pong Sing

刘邦成先生

主席、行政总裁兼执行董事

AP Rentals Holdings Limited / Anual Report 202510

主席报告

CHAIRMAN’S

STATEMENT

CHAIRMAN’S STATEMENT

主席报告

亚积邦租赁控股有限公司 / 2025年报11

Dear Shareholders,

On behalf of the board of Directors (the “Board”) of AP Rentals Holdings

Limited (“AP Rentals” or the “Company”), I hereby present the audited

consolidated anual results of the Company and its subsidiaries (colectively

the “Group”) for the year ended 31 March 2025 (the “Year” or “FY2025”).

For FY2025, the Group had a total revenue of aproximately HK$160.2

milion, representing a decrease of aproximately 8.0% as compared to

that of aproximately HK$174.1 milion for the year ended 31 March 2024

(“FY2024”). The Group recorded a profit for the Year of aproximately

HK$12.2 milion (FY2024: a profit of aproximately HK$10.4 milion).

Please refer to the section headed “Management Discusion and Analysis”

(“MD&A”) for details of the Group’s busines performance for FY2025. The

Environmental, Social and Governance Report, which sumarizes our

efort and performance in promoting and strengthening corporate social

responsibility among the Group during the Year is published separately.

In FY2025, Hong Kong’s property market downturn inevitably afected

local economic sentiment. Reduced private investment, particularly in the

property market, severely impacted the construction and related industries

in Hong Kong. Nevertheles, the Group stil recorded a growth in its leasing

busines in Hong Kong, Macau and Singapore. For construction and its

related industries, there were stil some demands from various projects in

Hong Kong, including but not limited to: (i) the third runway project and

the improvement work of the Hong Kong International Airport; (i) the

construction works related to the property development and extension of

mas transit railway in Tung Chung areas; and (i) the construction works

related to property development and the construction of Kwu Tung Station

from the phase one Northern Link project in Kwu Tung areas. On the other

hand, the Group also recorded a decrease in demands for the leasing

busines in various projects aproaching completion or are completed,

such as (i) the construction works in the Kai Tak area, including but not

limited to the Kai Tak Sports Park; and (i) the Central Kowlon Route

project. There was also decrease in leasing income for leasing equipment

in relation to private property development due to the slumping in the

property prices in Hong Kong.

Recently, the trade war uplifted by the United States of America and

geographical political tensions have put more obstacles on corporates in

runing their busineses in coming months.

各位股东：

本人谨代表亚积邦租赁控股有限公司（「亚积邦租

赁」或「本公司」）董事会（「董事会」）提呈本公司

及其附属公司（统称「本集团」）截至2025年3月31

日止年度（「本年度」或「2025年财政年度」）的经

审核综合年度业绩。

于2025年财政年度，本集团的总收益约为160.2

百万港元，较截至2024年3月31日止年度（「2024

年财政年度」）约174.1百万港元减少约8.0%。本

集团于本年度录得溢利约12.2百万港元（2024年

财政年度：溢利约10.4百万港元）。有关本集团于

2025年财政年度的业务表现详情，请参阅「管理

层讨论与分析」（「管理层讨论与分析」）一节。环

境、社会及管治报告概述本集团于本年度在促进

及加强企业社会责任上付出的努力及表现，并另

行刊发。

于2025年财政年度，香港物业市场低迷无可避

免地影响了当地的经济气氛。私人投资减少（尤

其是在物业市场）严重影响了香港的建筑及相关

行业。尽管如此，本集团在香港、澳门及新加坡

的租赁业务仍录得增长。在建筑及其相关行业

方面，香港各个项目仍有一定需求，包括但不限

于：(i)香港国际机场第三条跑道项目及改善工程；

(i)与东涌地区物业发展及地铁支线有关的建筑工

程；及(i)与古洞地区物业发展及兴建北环线第

一期工程古洞站有关的建筑工程。另一方面，本

集团亦因多个接近完工或已完工的项目而录得对

租赁业务的需求减少，例如(i)启德地区的建筑工

程，包括但不限于启德体育园；及(i)中九龙干线

项目。由于香港物业价格下滑，与私人物业发展

有关的租赁设备的租赁收入亦有所减少。

最近，由美国挑起的贸易战争及地缘政治紧张局

势令企业在未来数月的业务营运上遇到更多障碍。

CHAIRMAN’S STATEMENT

主席报告

AP Rentals Holdings Limited / Anual Report 202512

尽管如此，本集团对先进的新技术充满信心。

长远而言，进一步与环境、社会及管治（「环境、

社会及管治」）的国际标准接轨将进一步巩固本集

团的业务。例如，本集团已于2025年财政年度

引进可在香港使用生物柴油的租赁设备及运输工

具。本集团在过去数年一直为客户提供更多增值

服务，以丰富及提升客户使用本集团产品的体验

及效益，并将在不久将来继续推行这些策略。本

集团有多个主要产品发展目标，即全面数字化、

环保及人工智能；以及「绿色概念」，包括但不

限于提供一些与客户租赁设备排放相关的原始数

据、使用生物柴油及提供更高效、可靠及具成本

效益的电力模式给客户。这些策略将于未来数年

内逐步实施，以实现本集团现场设备的电气化。

于未来数月，随著新加坡经济持续蓬勃发展，

加上新加坡樟宜机场兴建新的五号客运大楼，

本集团将投入更多精力及对本公司全资附属公

司AP Equipment Rentals (Singapore) Pte. Limited

（「AP Singapore」）作出更多投资。本集团将持续

在新加坡投资其业务，提供更多于新加坡租赁的

产品类型，并于截至2026年3月31日止年度（「2026

年财政年度」）增加在新加坡及东南亚国家的贸易

业务。

于2026年财政年度，本集团将继续投资于先进设

备，并对其进行适当评估，使现有的租赁设备队

伍更为合理。本集团亦将继续采取审慎的财务管

理及成本控制措施，并探索合适的业务及╱或投

资机会，以推动其业务增长及为其股东（「股东」）

带来最大回报。

Nevertheles, the Group has a belief on the advanced and new

technologies. A further alignment towards the international standards of

the Environmental, Social and Governance (“ESG”) wil further strengthen

the busineses of the Group in long run. For instance, the Group has

introduced leasing equipment and transportation, which are able to

aply the biodiesel in Hong Kong in FY2025. The Group has continuously

provided more value-aded services to the customers so as to enrich and

to enhance the customers’ experience and benefits in using the Group’s

products in the last few years and wil continue such strategies in the near

future. The Group has several major goals of product developments, which

are Comprehensive Digitization, Environmental Friendly and Artificial

Inteligence; as wel as the “gren concept”, including but not limited to,

providing some raw data related to the emision from the equipment

leased by the customers, use of biodiesel and provision of more eficient,

reliable and cost-efective modes in providing electricity to the customers.

These strategies wil be gradualy implemented for electrification of

equipment on site by the Group in coming years.

In coming months, the Group wil devote more eforts and make

more investment to AP Equipment Rentals (Singapore) Pte. Limited

(“AP Singapore”), a wholy-owned subsidiary of the Company, due to the

continuing boming in the economy in Singapore and the construction of

a new pasenger terminal 5 in Singapore’s Changi Airport. The Group wil

continuously invest in its busines in Singapore by providing more product

types for leasing in Singapore and wil increase the trading busines in

Singapore and in the South-East Asian countries in the year ending 31

March 2026 (“FY2026”).

Investment on advance equipment with due evaluation and rationalizing

the existing flet of equipment for leasing wil be continued in FY2026.

The Group wil also continue to adopt prudent financial management,

cost control measures and explore suitable busines and/or investment

oportunities to drive its busines growth and to maximize the returns for

its shareholders (the “Shareholders”).

CHAIRMAN’S STATEMENT

主席报告

亚积邦租赁控股有限公司 / 2025年报13

最后，本人谨此对于本年度内董事会的杰出领

导、全体员工的努力不懈及我们股东的鼎力支持

致以感谢。本人亦借此由衷感谢我们的投资者、

客户、供应商及业务伙伴所给予的支持。我们将

继续巩固亚积邦租赁于设备租赁行业的领导地

位，并透过自主研发的绿色环保产品成为客户提

供全面的解决方案，从而实现可持续增长，并为

股东带来理想回报。

为回馈及感谢股东的支持，董事会建议派付末期

股息每股0.70港仙（2024年财政年度：末期股息

每股0.60港仙）。

承董事会命

刘邦成先生

主席兼执行董事

2025年6月26日

Last but not least, I would like to expres my gratitude to the Board for its

briliant leadership, the entire staf for their untiring eforts during the Year,

as wel as the strong suport from our Shareholders. I would also like to

thank our investors, customers, supliers and busines partners for their

suport. We wil continue to fortify AP Rental’s leadership in the equipment

leasing industry and in acting as a comprehensive solution provider with

its self-developed Gren and Environmental friendly products for the

customers, thus realizing sustainable growth and generating satisfactory

returns for Shareholders.

To reward and thank our Shareholders for their suport, the Board

recomends the payment of a final dividend of HK0.70 cent per share

(FY2024: a final dividend of HK0.60 cent per share).

By Order of the Board

Mr. Lau Pong Sing

Chairman and Executive Director

26 June 2025

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

AP Rentals Holdings Limited / Anual Report 202514

集团概览

本集团致力透过提供设备出租相关解决方案及增

值服务，为宝贵客户提供更优质服务。截至2025

年3月31日止年度（「2025年财政年度」），本集团

录得纯利约12.2百万港元（截至2024年3月31日

止年度（「2024年财政年度」）：纯利约10.4百万港

元）。纯利增加主要由于以下的净影响所致：

、澳门及新加坡的设备租赁收入增加，

但由于「业务概览」一节所披露的事实，本

集团亦录得机械及零件销售减少；

、机械及设备收益由2024年财政

年度约2.5百万港元增加至2025年财政年度

约9.6百万港元，原因为本集团已出售大型

起重机、陈旧发电机及其他建筑相关机械，

此乃2025年财政年度出售物业、机械及设

备收益的主要部分；

3. 有限合资公司Wing Hing-APE Solutions JV

Limited（「WAJV」）于2025年财政年度录得

分占溢利约4.7万港元（2024年财政年度：

所产生分占亏损约2.9百万港元），当中

本公司的间接全资附属公司AP Equipment

Solutions Limited已认购WAJV 50%的股份，

金额为2.5百万港元，由于WAJV的手头工

程大部分已于2024年财政年度完工，因此

于2025年财政年度并无呈报重大开支；

，存货撇减增加至约3.6

百万港元（2024年财政年度：约0.4百万港

元），乃由于：

(i) 2025年财政年度的机械及零件销售减

少，导致存货变动放缓；及

(i) 出售陈旧租赁设备增加，因此维修及

保养陈旧租赁设备所需的零件需求减

少所致；及

GROUP OVERVIEW

The Group strives to serve our valuable customers beter with the provision

of the equipment rental-related solutions and value-aded services. For

the year ended 31 March 2025 (“FY2025”), the Group recorded a net profit,

which amounted to aproximately HK$12.2 milion (for the year ended 31

March 2024 (“FY2024”): net profit amounting to aproximately HK$10.4

milion). The increase of net profit is mainly atributable to the net efect of:

, Macau

and Singapore but the Group also recorded a decrease in sales of

machinery and parts due to the facts as disclosed in the section

headed “Busines Overview”;

, plant and equipment from

aproximately HK$2.5 milion in FY2024 to aproximately HK$9.6

milion in FY2025 since the Group has disposed of large cranes,

aged generators and other construction related machines, which

contributed to a major part of the gain on disposal of property, plant

and equipment in FY2025;

$47.0

thousand was recorded in FY2025 (FY2024: a share of los incured

amounting to aproximately HK$2.9 milion) by a joint venture

company with limited liability, Wing Hing-APE Solutions JV Limited

(the “WAJV”), in which an indirectly wholy-owned subsidiary of the

Company, AP Equipment Solutions Limited has subscribed for 50%

of the shares of WAJV amounting to HK$2.5 milion, since the works

on hand of WAJV has ben mostly completed in FY2024 and so no

material expenses were reported in FY2025;

$3.6

milion in FY2025 (FY2024: aproximately HK$0.4 milion) due to:

(i) the decrease in sales of machinery and spare parts in FY2025

which led to slower movement in inventories; and

(i) increase in disposal of aged leasing equipment, and so the

demand of spare parts for repairing and maintaining the aged

leasing equipment decreased; and

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

亚积邦租赁控股有限公司 / 2025年报15

集团概览（续）

，根据预期信贷亏损模

式已确认应收租赁款项及贸易应收款项减

值亏损净额（「预期信贷亏损拨备」）约为2.8

百万港元（2024年财政年度：预期信贷亏损

拨备项下的减值亏损拨回约1.7百万港元），

乃由于预期违约风险有所增加，该增加的

原因为香港经济下滑、美利坚合众国（「美

国」）引发贸易战争而可能导致全球经济下

滑的风险增加，以及于2025年3月31日逾

期90日或以上的应收账款增加，约为12.4

百万港元（于2024年3月31日约为8.0百万

港元）。

于2025年财政年度，本集团录得收益约160.2百

万港元，较2024年财政年度的收益约174.1百万

港元减少约8.0%。于2025年财政年度，本集团

录得毛利约46.5百万港元，较2024年财政年度的

毛利约52.0百万港元减少约10.7%。2025年财政

年度的毛利率约为29.0%（2024年财政年度：约

29.9%）。有关本集团于2025年财政年度表现的进

一步详情，请参阅本报告「财务回顾」一节。由

于本集团于2025年财政年度已将其业务重心转回

设备租赁，因此其于2025年财政年度的表现反映

出设备租赁对本集团的重要性。

于2025年财政年度，本公司拥有人应占溢利约为

12.2百万港元（2024年财政年度本公司拥有人应占

溢利：约10.4百万港元）。

2025年财政年度的本公司拥有人应占每股基本盈

利为1.41港仙（2024年财政年度本公司拥有人应

占每股基本盈利：1.20港仙）。

GROUP OVERVIEW (Continued)

5. impairment loses under expected credit los model recognised

on lease receivables and trade receivables, net (“ECL Provision”)

amounting to aproximately HK$2.8 milion in FY2025 (FY2024:

reversal of the impairment loses under ECL Provision, aproximately

HK$1.7 milion) due to increase in expected default risk, which were

be caused by the economic downturn of Hong Kong, the increase in

the risk of global economic downturn that might be caused by the

trade war uplifted by the United States of America (the “USA”) and

the increase in overdue acount receivables for 90 days or more as at

31 March 2025, amounting to aproximately HK$12.4 milion (as at

31 March 2024, aproximately HK$8.0 milion).

For FY2025, the Group recorded revenue of aproximately HK$160.2

milion, representing a decrease of aproximately 8.0% as compared to

that of aproximately HK$174.1 milion for FY2024. For FY2025, the Group

recorded gros profit of aproximately HK$46.5 milion, representing a

decrease of aproximately 10.7% as compared to that of aproximately

HK$52.0 milion for FY2024. The gros profit margin for FY2025 was

aproximately 29.0% (FY2024: aproximately 29.9%). Please refer to the

section headed “Financial Review” of this report for further details of the

Group’s performance in FY2025. The performance of the Group in FY2025

reflects the importance of the equipment rentals for the Group since it has

changed its busines focus back to equipment leasings in FY2025.

Profit atributable to owners of the Company was aproximately HK$12.2

milion in FY2025 (Profit atributable to owners of the Company in FY2024:

aproximately HK$10.4 milion).

Basic earnings per share atributable to owners of the Company for FY2025

was HK1.41 cents (Basic earnings per share atributable to owners of the

Company for FY2024: HK1.20 cents).

GROS PROFIT

毛利

NET PROFIT

纯利

(HK$’000)

（千港元）%

46,450

29.0%

31 March 2024

2024年3月31日

For the financial year ended

31 March 2025

2025年3月31日

Gros Profit

毛利

Gros Profit Margin

毛利率

截至以上日期止财政年度

52,042

29.9%

20,000

40,000

60,000

80,000

100,000

15%

30%

(HK$’000)

（千港元）%

For the financial year ended

Net Profit

纯利

Net Profit Margin

纯利率

7.6%

12,157

6.0%

10,364

截至以上日期止财政年度

31 March 2024

2024年3月31日

31 March 2025

2025年3月31日

4,000

8,000

12,000

20,000

16,000

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

AP Rentals Holdings Limited / Anual Report 202516

业务概览

于2025年财政年度，本集团将业务重心转移至

设备租赁，并重组本集团的租赁设备队伍，以尽

量提高本集团的盈利能力。于2025年财政年度，

本集团录得租赁收入净增长，乃由于：(i)与香港

国际机场第三条跑道项目及改善工程（「第三条跑

道及机场改善工程」）有关的租赁设备的租赁收入

增加；(i)与东涌地区物业发展及地铁支线有关的

建筑工程（「东涌工程」）；(i)与古洞地区物业发

展及兴建北环线第一期工程古洞站有关的建筑工

程（「古洞工程」）；惟(iv)与启德地区建筑工程（包

括但不限于启德体育公园项目）（「启德工程」）有

关的设备租赁的租赁收入减少；(v)与将于2025

年竣工的中九龙干线项目（一项正在兴建中及贯

穿九龙半岛的公路项目，大部分设于地底）（「T2-

CKR」）有关的设备租赁的租赁收入减少；及(vi)香

港物业价格下滑导致与私人物业发展有关的设备

租赁的租赁收入减少。

此外，尽管本集团于2025年财政年度在新加坡引

入更多类型的租赁设备，而该等设备无需使用操

作员，导致本集团于2025年财政年度在新加坡录

得的营运服务收入有所减少，但本集团于2025年

财政年度在澳门及新加坡的租赁收入仍录得增加。

此外，本集团通过本公司间接全资附属公司亚积

邦电力有限公司（「亚积邦电力」），利用移动电源

智能系统（「移动电源智能系统」）概念及提供绿色

相关解决方案（例如提供生物燃料发电机），增加

为市场提供更好及更全面的供电解决方案的业务

活动，旨在提升本集团为各行业提供移动供电的

租赁及为市场提供解决方案方面服务的专业性，

其于2025年财政年度促进租赁收入的增长。

BUSINES OVERVIEW

During FY2025, the Group shifted its busines focus to equipment leasing

and restructured the leasing equipment flets of the Group so as to

maximize the profitability of the Group. The Group recorded a net increase

in leasing income in FY2025, which was due to: (i) the increase in leasing

income for leasing equipment in relation to the third runway project and

the improvement work of the Hong Kong International Airport (the “Third

Runway & Airport Improvement Work”); (i) the construction works

related to the property development and extension of mas transit railway

in Tung Chung areas (the “Tung Chung Work”); (i) the construction

works related to property development and the construction of Kwu Tung

Station from the phase one Northern Link project in Kwu Tung areas (the

“Kwu Tung Work”); but there were (iv) decrease in leasing income for

leasing equipment in relation to the construction works in the Kai Tak area,

including but not limited to the Kai Tak Sports Park project (the “Kai Tak

Work”); (v) decrease in leasing income for leasing equipment in relation

to the project for the Central Kowlon Route (a highway project under

construction that runs through the Kowlon Peninsula, which is largely

underground) (the “T2-CKR”), which would be completed in 2025; and

(vi) decrease in leasing income for leasing equipment in relation to private

property development due to the slumping in the property prices in Hong

Kong.

In adition, the Group also recorded increase in leasing income in Macau

and in Singapore in FY2025 despite the fact that the Group recorded a

decrease in operating service income in Singapore in FY2025 after the

Group introduced more types of leasing equipment in Singapore in

FY2025, which did not require the use of operators.

In adition, the Group increased its busines activities for providing beter

and comprehensive solutions in the provision of power to the market using

the concept of the Smart System in Mobile Electricity (“SME”) and for the

provision of gren-related solutions (for instance, the provision of biofuel

generators) through the Company’s indirect wholy-owned subsidiary, AP

Power Limited (“AP Power”). This aims at increasing the profesionalism

in Mobile Power Suply for various industries of the Group’s services in

leasing and the provision of solutions to the market, which has made its

contribution in fostering the increase in leasing income in FY2025.

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

亚积邦租赁控股有限公司 / 2025年报17

BUSINES OVERVIEW (Continued)

For the trading busines, the Group recorded a decrease in revenue for

both machinery trading and parts sales when comparing with those in

FY2024. The decrease was due to the change of busines focus to leasing

equipment busines and the disposal of leasing equipment which was

aged and/or with lower utilization rate in FY2025.

For Macau, the demands in leasing equipment increased slightly and so

the leasing revenue of AP Equipment Leasing and Enginering Limited (“AP

Macau”), an indirect wholy-owned subsidiary of the Company, increased

when compared to that of FY2024 due to the fact that the demand from

construction works funded by the Macau government increased in FY2025.

For Singapore, AP Equipment Rentals (Singapore) Pte. Limited (“AP

Singapore”), a wholy-owned subsidiary of the Company, recorded

an increase in revenue in leasing of equipment in FY2025 because the

construction industry in Singapore continues its growth due to the

boming of its economy in FY2025 and the Group continuously introduced

more types of leasing equipment in the Singaporean market.

For the PRC, due to the debt crisis trigered by some giant property

developers, 亚积邦建设工程机械(上海)有限公司 (AP Rentals (Shanghai)

Limited*), (“AP Shanghai”), an indirect wholy-owned subsidiary of the

Company, has disposed of al its leasing equipment in FY2025 and thus

recorded a decrease in the revenue from the leasing of equipment in

FY2025. AP Shanghai has changed its busines focus to the disposal of its

equipment overseas in FY2025.

Lastly, for WAJV, the projects in which WAJV were involved have mostly

ben completed as at 31 March 2024 and there was no new project in

FY2025. For details, please refer to the section headed “Financial Review” of

this report.

* For identification purposes only

业务概览（续）

就贸易业务而言，相较2024年财政年度，本集团

于机械贸易及零件销售的收益均录得减少。该减

少乃由于业务重心转移至租赁设备业务，以及于

2025年财政年度出售陈旧及╱或使用率较低的租

赁设备。

就澳门而言，租赁设备的需求轻微增加，因此本

公司间接全资附属公司亚积邦建机租赁及工程有

限公司（「亚积邦澳门」）的租赁收益较2024年财政

年度有所增加，乃由于2025年财政年度澳门政府

资助的建筑工程需求增加。

就新加坡而言，本公司全资附属公司AP

Equipment Rentals (Singapore) Pte. Limited（「AP

Singapore」）于2025年财政年度的设备租赁收益

录得增加，乃由于2025年财政年度新加坡经济蓬

勃发展，故其建筑行业继续录得增长，且本集团

不断在新加坡市场引入更多类型的租赁设备。

就中国而言，由于部分大型物业开发商引发的债

务危机，本公司间接全资附属公司亚积邦建设工

程机械（上海）有限公司（「亚积邦上海」）已于2025

年财政年度出售其所有租赁设备，因此于2025年

财政年度录得设备租赁收益减少。亚积邦上海已

于2025年财政年度将其业务重心转为出售其海外

设备。

最后，就WAJV而言，截至2024年3月31日，

WAJV所涉及的项目大部分已经完成，且于2025

年财政年度并无任何新项目。详情请参阅本报告

「财务回顾」一节。

* 仅供识别

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

AP Rentals Holdings Limited / Anual Report 202518

展望

尽管本集团预期未来将面对多项不利问题，例如

(i)香港经济持续下滑及物业市场步履蹒跚，导致

私人投资（尤其在物业市场）减少，最终对建筑行

业造成严重打击；及(i)美国贸易战争升温，可能

导致全球经济放缓，但本集团将于截至2026年3

月31日止财政年度（「2026年财政年度」）继续投

资及推广设备，贯彻绿色能源概念，并提倡可提

升建筑工程效率及效益的专用机械。

虽然第三条跑道及机场改善工程将于2025年底竣

工，但本集团将继续抓紧与香港重点项目（即第

三条跑道及机场改善工程）有关的租赁设备需求

机遇。由于东涌工程及古洞工程对租赁设备的需

求尚未达到各自的高峰期，本集团亦将在这两项

重点工程发掘更多机遇及需求。

显然，本集团将寻求在行政长官2024年施政报告

中提到的各项工程及活动中探索更多新机遇，其

中包括：

(i) 建设北部都会区；

(i) 推动河套港深创科园发展；及

(i) 推动体育发展，将香港打造为国际体育盛

事之都。

在澳门，亚积邦澳门将继续专注于政府相关工程

以及特别活动及娱乐活动，以于未来几个月增加

租赁收益。

就中国而言，本集团于2026年财政年度将专注于

在中国采购及买卖机械及零件，以满足本地及海

外市场的需求。

PROSPECT

Despite the fact that a number of adverse isues are expected to be faced

by the Group in the future, such as: (i) continuous economic turndown of

the economy and the stumbling of the property market in Hong Kong,

which led to reduction in private investments, especialy in the property

market, which has hard hit the construction industry in the end; and (i)

the posibility of global economic slowdown due to the uplift of the trade

war by the USA, the Group wil continue its investment and promotion

of equipment, comit to the concept of the gren energy and advocate

specialized machines which can improve the eficiency and efectivenes

of the construction work in the financial year ending 31 March 2026

(“FY2026”).

Although the Third Runway and Airport Improvement Work are

aproaching completion by the end of 2025, the Group wil continue to

seize oportunities in the demand for leasing equipment related to key

projects in Hong Kong, namely the Third Runway and Airport Improvement

Work. The Group wil also explore more oportunities and demand in

the Tung Chung Work and Kwu Tung Work, as the demand for leasing

equipment for these two key projects are not yet reaching their respective

peaks.

Clearly, the Group wil sek to explore more new oportunities acros

various works and activities, which have ben mentioned in the Chief

Executive’s 2024 Policy Adres, including:

(i) the construction of the Northern Metropolis;

(i) promoting development of the Hong Kong-Shenzhen Inovation

and Technology Park in the Lop; and

(i) promoting sports development and building Hong Kong into a

centre for mega international sports event.

In Macau, AP Macau wil continue to focus on government-related work

as wel as special event and entertainment activities to increase leasing

revenues in the coming months.

For the PRC, the Group wil concentrate on sourcing and trading of

machinery and spare parts in the PRC for both local and overseas markets

in FY2026.

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

亚积邦租赁控股有限公司 / 2025年报19

展望（续）

新加坡经济持续蓬勃发展。本集团将尽力以小型

起重解决方案策略维持收益的上升趋势，并将进

一步投资于租赁设备，包括于2026年财政年度引

入更多类型的租赁设备，以满足新加坡日益增长

的租赁需求。最近，新加坡樟宜机场新的5号客

运大楼于2025年5月正式破土动工。5号客运大

楼的合约已于2025年5月公布，总金额达48亿新

加坡元。更多与樟宜机场相关的合约将于本年度

稍后公布，总金额将达数百亿新加坡元。该等合

约将于未来数年增加新加坡对租赁建筑设备的需

求。

在亚太地区，本集团正向该等大型国际体育、娱

乐项目及户外活动推广其自主研发的绿色环保产

品以促进发展，并将本公司打造为国际大型活动

服务供应商。

财务回顾

收益

于2025年财政年度，本集团录得收益减少约13.8

百万港元，而2025年财政年度的总收益则约为

160.2百万港元，较2024年财政年度约174.1百万

港元减少约8.0%。收益减少主要由于本集团的机

械及零件销售减少所致。

(i) 出租设备

于回顾年度，本集团来自出租服务（涉及在

香港、澳门及新加坡出租建筑、机电工程

及活动及娱乐设备）的租赁收入于2025年财

政年度增加至约120.2百万港元，而于2024

年财政年度则约为114.5百万港元。

如上所述，本集团于2025年财政年度来自

出租业务的收益增加，乃由于本报告「业务

概览」一节所披露的建设工程的需求增加

所致。

设备租赁收入占本集团2025年财政年度总

收益约75.0%（2024年财政年度：约65.8%）。

PROSPECT (Continued)

The economy in Singapore continues to thrive. The Group wil do its

utmost to maintain the upward trend in revenue through compact lifting

solution strategies and wil further invest in leasing equipment, including

the introduction of more types of leasing equipment to met the growing

demand for leasing in Singapore in FY2026. Recently, Singapore’s Changi

Airport oficialy broke ground in May 2025 for a new pasenger terminal

5. The contract for the terminal 5 was anounced in May 2025, totaling

S$4.8 bilion. More contracts related to Changi Airport wil be anounced

later this year, with a total amount reaching tens of bilions of Singapore

dolars. These contracts wil increase the demand for leasing construction

equipment in Singapore in the coming years.

In the Asia Pacific, the Group is promoting its self-developed Gren

and Environmental friendly products to those major international

sports, entertainments projects and outdor events to promoting the

development and building the Company into a mega event service

provider internationaly.

FINANCIAL REVIEW

Revenue

For FY2025, the Group recorded a decrease in revenue of aproximately

HK$13.8 milion, with the total revenue amounting to aproximately

HK$160.2 milion for FY2025, representing a decrease of aproximately

8.0% as compared to that of aproximately HK$174.1 milion for FY2024.

The decrease in revenue mainly resulted from the decrease in the sales of

machinery and spare parts of the Group.

(i) Leasing of equipment

During the year under review, the Group’s leasing income from rental

services, which involved the rental of construction, electrical and

mechanical enginering and event and entertainment equipment

in Hong Kong, Macau and Singapore, increased to aproximately

HK$120.2 milion in FY2025 as compared to that of aproximately

HK$114.5 milion in FY2024.

As mentioned above, the revenue atributable to the Group’s rental

busines increased in FY2025 due to the increase in demands from

the construction work as disclosed in the section headed “Busines

Overview” of this report.

Leasing income of equipment acounted for aproximately 75.0% of

the Group’s total revenue for FY2025 (FY2024: aproximately 65.8%).

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

AP Rentals Holdings Limited / Anual Report 202520

财务回顾（续）

收益（续）

(i) 操作服务收入

本集团提供设备操作服务，透过派遣设备

操作员到客户工地操作设备。于2025年财

政年度，设备操作服务的收益增加约0.5%

至约22.3百万港元（2024年财政年度：约

22.1百万港元），占本集团2025年财政年

度总收益约13.9%（2024年财政年度：约

12.7%）。于2025年财政年度，香港的操作

服务收入增加乃由于需要操作员的租赁设

备需求增加所致，惟新加坡的操作服务收

入有所减少，原因为本集团在新加坡市场

引入更多类型的租赁设备而无需使用操作

员。

(i) 其他服务收入

于2025年财政年度，本集团的其他服务收

入（来自出租安排，包括于出租期间的维修

及保养、派送及安装服务）录得减少至约9.9

百万港元（2024年财政年度：约12.6百万港

元）。本集团的其他服务收入占本集团2025

年财政年度总收益约6.2%（2024年财政年

度：约7.2%）。该减少主要由于T2-CKR需求

下降导致维修及保养服务收入减少所致。

(iv) 机械及零件销售

机械及零件销售的收益由2024年财政年度

约24.9百万港元减少约68.2%至2025年财政

年度约7.9百万港元，乃主要由于本报告「业

务概览」一节所披露的该等原因所致。

本集团机械及零件销售占本集团2025年财

政年度总收益约4.9%（2024年财政年度：约

14.3%）。

FINANCIAL REVIEW (Continued)

Revenue (Continued)

(i) Operating service income

The Group ofers equipment operating services by providing

equipment operators to operate the equipment at the job sites

of its customers. For FY2025, revenue from equipment operating

services increased by aproximately 0.5% to aproximately HK$22.3

milion (FY2024: aproximately HK$22.1 milion), and acounted

for aproximately 13.9% of the Group’s total revenue for FY2025

(FY2024: aproximately 12.7%). The increase in operating services

income in Hong Kong for FY2025 was due to the increase in demand

for leasing equipment which requires operators but revenue in

operating services income in Singapore decreased because the

Group introduced more types of leasing equipment without using

operators in the Singaporean market.

(i) Other service income

The Group’s other service income, which arises from rental

arangements including repair and maintenance, delivery and

instalation services during the rental period, recorded a decrease

amounting to aproximately HK$9.9 milion for FY2025 (FY2024:

aproximately HK$12.6 milion). The Group’s other service income

acounted for aproximately 6.2% of the Group’s total revenue for

FY2025 (FY2024: aproximately 7.2%). The decrease was mainly

contributed by the decrease in repair and maintenance services

income due to the decrease in demand in the T2-CKR.

(iv) Sales of machinery and spare parts

The revenue from sales of machinery and spare parts decreased by

aproximately 68.2% from aproximately HK$24.9 milion for FY2024

to aproximately HK$7.9 milion for FY2025 mainly due to those

reasons as disclosed in the section headed “Busines Overview” of

this report.

The Group’s sales of machinery and spare parts acounted for

aproximately 4.9% of the Group’s total revenue for FY2025 (FY2024:

aproximately 14.3%).

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

亚积邦租赁控股有限公司 / 2025年报21

FINANCIAL REVIEW (Continued)

Cost of Sales and Services

The Group’s cost of sales and services amounted to aproximately

HK$113.8 milion for FY2025, representing a period-on-period decrease of

aproximately 6.8% (FY2024: aproximately HK$122.0 milion). Cost of sales

and services mainly comprised machinery hiring expenses, staf costs for

the Group’s equipment operators, technicians and truck drivers, costs for

machinery and parts for trading and depreciation.

The Group invested on leasing equipment through purchases of leasing

equipment, amounting to aproximately HK$28.9 milion in FY2025.

However, the Group has also increased the disposal of some leasing

equipment with lower utilisation rates during FY2025 and that some

equipment have ben fuly depreciated in FY2025, so the depreciation

cost in FY2025 decreased to aproximately HK$43.2 milion (FY2024:

aproximately HK$44.2 milion). Staf costs under the cost of sales and

services decreased to aproximately HK$36.2 milion mainly due to the

net efect of: (i) decrease in provision of long service payment (the “LSP”)

to aproximately HK$0.2 milion in FY2025 (FY2024: aproximately HK$1.3

milion); and (i) anual increment of salary and wages of staf. Costs for

machinery and parts decreased by aproximately 41.0% due to the net

efect of (i) the decrease in sales of machinery and spare parts in FY2025;

and (i) increase in write-down of inventories in FY2025. For details, please

refer to the section headed “Group Overview” of this report.

Gros Profit and Gros Profit Margin

The Group’s overal gros profit decreased by aproximately 10.7% from

aproximately HK$52.0 milion for FY2024 to aproximately HK$46.5

milion for FY2025 and the Group’s gros profit margin was aproximately

29.0% for FY2025 (FY2024: aproximately 29.9%). The decrease in gros

profit margin was primarily due to the write-down on inventories mainly

due to slow movement of inventories, which amounted to aproximately

HK$3.6 milion in FY2025 (FY2024: aproximately HK$0.4 milion). The

slow movement of inventories of spare parts was due to (i) the increase in

disposal of aged leasing equipment and so the demand of spare parts for

repairing and maintaining the aged leasing equipment decreased; and (i)

the decrease in sales of machinery and spare parts.

财务回顾（续）

销售及服务成本

本集团于2025年财政年度的销售及服务成本约为

113.8百万港元，同比下降约6.8%（2024年财政年

度：约122.0百万港元）。销售及服务成本主要包

括机械租用开支、本集团设备操作员、技术人员

及卡车司机的员工成本、可供买卖机械及零件成

本以及折旧。

本集团已于2025年财政年度透过购买租赁设备以

用作投资租赁设备，金额约为28.9百万港元。然

而，本集团亦已于2025年财政年度增加出售若干

使用率较低的租赁设备，若干设备则已于2025年

财政年度悉数折旧，因此，2025年财政年度的折

旧成本减少至约43.2百万港元（2024年财政年度：

约44.2百万港元）。销售及服务成本项下的员工成

本减少至约36.2百万港元，乃主要由于以下的净

影响所致：(i) 2025年财政年度的长期服务金（「长

服金」）拨备减少至约0.2百万港元（2024年财政

年度：约1.3百万港元）；及(i)员工薪金及工资按

年递增。机械及零件成本下降约41.0%，乃由于

(i) 2025年财政年度的机械及零件销售减少；及(i)

2025年财政年度的存货撇减增加的净影响所致。

详情请参阅本报告「集团概览」一节。

毛利及毛利率

本集团的整体毛利由2024年财政年度约52.0百万

港元减少约10.7%至2025年财政年度约46.5百万

港元，而本集团于2025年财政年度的毛利率则约

为29.0%（2024年财政年度：约29.9%）。毛利率下

降主要由于存货撇减（主要由于存货变动缓慢）所

致，于2025年财政年度约为3.6百万港元（2024年

财政年度：约0.4百万港元）。零件存货变动缓慢

乃由于(i)出售陈旧租赁设备增加，因此维修及保

养陈旧租赁设备的零件需求减少；及(i)机械及零

件销售减少所致。

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

AP Rentals Holdings Limited / Anual Report 202522

FINANCIAL REVIEW (Continued)

Other Income

The Group recorded other income amounting to aproximately

HK$3.4 milion in FY2025 (FY2024: aproximately HK$3.2 milion), which

represented an increase of aproximately 4.5% from FY2024. The

Group recorded an interest income from bank deposits amounting to

aproximately HK$2.8 milion in FY2025 (FY2024: aproximately HK$2.6

milion) due to increase in cash balances in FY2025.

Other Gains and Loses

Other gains and loses amounted to aproximately HK$10.3 milion in

FY2025 (FY2024: aproximately HK$2.2 milion), representing an increase of

aproximately 367.7% over FY2024. The Group recorded exchange gains,

net of aproximately HK$0.7 milion in FY2025 (FY2024: exchange loses,

net of aproximately HK$0.3 milion), which was caused by the exchange

gain recorded for the purchase of machinery in Japanese Yen from Japan

during April 2024 to August 2024. The Japanese Yen was very weak against

Hong Kong dolar during April 2024 to August 2024. The Group also

recorded an increase in gain on disposal of property, plant and equipment

from aproximately HK$2.5 milion in FY2024 to aproximately HK$9.6

milion in FY2025. For details, please refer to the section headed “Group

Overview” of this report.

Impairment Loses under Expected Credit Los Model

Recognised on Lease Receivables and Trade Receivables, Net

and Reversal of Impairment Loses Recognised on Property,

Plant and Equipment, Net

The impairment loses under ECL Provision for the Group amounted to

aproximately HK$2.8 milion in FY2025 (FY2024: reversal of impairment

loses under ECL Provision of aproximately HK$1.7 milion). For details,

please refer to the section headed “Group Overview” of this report.

The Group has recognised a reversal of impairment loses on property,

plant and equipment, net amounting to aproximately HK$0.3 milion in

FY2025 (FY2024: impairment loses on property, plant and equipment,

net amounting to aproximately HK$0.1 milion, which was made for the

provision for impairment for the leasing equipment with low utilization

rate).

财务回顾（续）

其他收入

本集团于2025年财政年度录得其他收入约3.4百

万港元（2024年财政年度：约3.2百万港元），较

2024年财政年度增加约4.5%。由于2025年财政年

度现金结余增加，本集团于2025年财政年度录得

银行存款利息收入约2.8百万港元（2024年财政年

度：约2.6百万港元）。

其他收益及亏损

2025年财政年度的其他收益及亏损约为10.3百

万港元（2024年财政年度：约2.2百万港元），较

2024年财政年度增加约367.7%。本集团于2025年

财政年度录得汇兑收益净额约0.7百万港元（2024

年财政年度：汇兑亏损净额约0.3百万港元），乃

由于在2024年4月至2024年8月期间以日圆向日

本购买机械而录得汇兑收益所致。于2024年4月

至2024年8月期间，日圆兑港元非常疲弱。本集

团亦录得出售物业、机械及设备收益由2024年财

政年度约2.5百万港元增加至2025年财政年度约9.6

百万港元。详情请参阅本报告「集团概览」一节。

根据预期信贷亏损模式已确认应收租赁款项

及贸易应收款项减值亏损净额以及已确认物

业、机械及设备减值亏损拨回净额

本集团预期信贷亏损拨备项下的减值亏损于2025

年财政年度约为2.8百万港元（2024年财政年度：

预期信贷亏损拨备项下的减值亏损拨回约1.7百

万港元）。详情请参阅本报告「集团概览」一节。

本集团于2025年财政年度已确认物业、机械及设

备减值亏损拨回净额约0.3百万港元（2024年财政

年度：物业、机械及设备减值亏损净额约0.1百万

港元，乃就使用率低的租赁设备计提减值拨备）。

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

亚积邦租赁控股有限公司 / 2025年报23

财务回顾（续）

行政开支

于2025年财政年度，行政开支约为40.7百万港元

（2024年财政年度：约39.8百万港元），较2024年

财政年度增加约2.2%。行政开支增加主要由于业

务相关事宜所产生的差旅及娱乐开支增加约3.3

百万港元（2024年财政年度：约2.5百万港元）所致。

销售及分销开支

于2025年财政年度，销售及分销开支约为0.6百

万港元（2024年财政年度：约1.2百万港元）。该

减少乃由于市场认同本集团在建筑行业推广「绿

色能源」概念的努力，因此需要用于推广的开支

减少所致。相反，本集团正集中加强「绿色能源」

相关产品的种类，例如于2025年财政年度在香港

推出首部生物燃料卡车。

融资成本

融资成本主要包括本集团借款及租赁负债的利

息，于2025年财政年度约为1.9百万港元（2024年

财政年度：约1.7百万港元）。融资成本增加乃由

于2025年财政年度的租赁设备及卡车的投资融资

借款利息（约1.7百万港元）较2024年财政年度的

借款利息（约1.5百万港元）增加所致。

2025年财政年度溢利及全面收益总额

本集团于2025年财政年度录得本公司拥有人应占

溢利约12.2百万港元（2024年财政年度：本公司

拥有人应占溢利约10.4百万港元），溢利率约为

7.6%（2024年财政年度：溢利率约6.0%）。2025年

财政年度本公司拥有人应占溢利增加乃由于本报

告「集团概览」一节所述的原因所致。于2025年

财政年度的全面收益总额约为12.3百万港元（2024

年财政年度：全面收益总额约9.8百万港元）。

FINANCIAL REVIEW (Continued)

Administrative Expenses

For FY2025, administrative expenses amounted to aproximately HK$40.7

milion (FY2024: aproximately HK$39.8 milion), representing an increase

of aproximately 2.2% over that of FY2024. The increase in administrative

expenses was mainly due to the increase in traveling and entertainment

expenses amounting to aproximately HK$3.3 milion (FY2024:

aproximately HK$2.5 milion), which were incured for busines related

mater(s).

Seling and Distribution Expenses

For FY2025, seling and distribution expenses amounted to aproximately

HK$0.6 milion (FY2024: aproximately HK$1.2 milion). The decrease

was due to the fact that the market has recognized the efort devoted

by the Group in promoting the concept of “gren energy” towards the

construction industry and so les expenses were required to spend on

promotion. Instead, the Group is focusing on enhancing the types of the

products related to “gren energy”, such as the introduction of the first

biofuel truck in Hong Kong in FY2025.

Finance Costs

Finance costs mainly comprised interest on the Group’s borowings

and lease liabilities, which amounted to aproximately HK$1.9 milion in

FY2025 (FY2024: aproximately HK$1.7 milion). The increase in finance

costs was due to the increase in interest on borowings in FY2025 for

financing of the investment in leasing equipment and truck made during

FY2025 (aproximately HK$1.7 milion) when comparing to the interest on

borowings in FY2024 (aproximately HK$1.5 milion).

Profit and Total Comprehensive Income for FY2025

The Group recorded profit atributable to owners of the Company of

aproximately HK$12.2 milion for FY2025 (FY2024: profit atributable to

owners of the Company of aproximately HK$10.4 milion), representing

a profit margin of aproximately 7.6% (FY2024: profit margin of

aproximately 6.0%). The increase in profit atributable to owners of the

Company in FY2025 was due to the reasons stated under the section

headed “Group Overview” of this report. The total comprehensive

income for FY2025 was aproximately HK$12.3 milion (FY2024: total

comprehensive income was aproximately HK$9.8 milion).

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

AP Rentals Holdings Limited / Anual Report 202524

财务回顾（续）

资本开支

本集团于2025年财政年度的资本开支主要包括租

赁机械、汽车、租赁物业装修、家具及固定装置

以及办公室设备的开支，合共约为31.8百万港元

（截至2024年3月31日止年度：约30.4百万港元）。

资本开支大部份用于拨付本集团自置出租机械机

组及卡车的扩张，占2025年财政年度本集团总资

本开支约98.4%。

流动资金及财务资源回顾

本集团透过来自经营活动的现金流量及借款拨付

其营运。于2025年3月31日，本集团现金结余及

现金等价物约为108.3百万港元（于2024年3月31

日：约93.7百万港元），主要以港元、日圆、欧

元、澳门元（「澳门元」）、新加坡元、美元及人民

币计值，以及借款及租赁负债约为49.8百万港元

（于2024年3月31日：约42.7百万港元）以港元计值。

于2025年3月31日，本集团有银行融资约83.3百

万港元（于2024年3月31日：约85.4百万港元），

其中约72.8百万港元（于2024年3月31日：约57.1

百万港元）已提取，约10.5百万港元（于2024年3

月31日：约28.3百万港元）未动用。

于2025年3月31日，本集团的资本负债比率为零

（于2024年3月31日：零），乃按债务净额除以总

权益计算得出。债务净额定义为计息负债的总和

（其中包括借款、银行透支、租赁负债）减现金及

现金等价物。

展望未来，本集团预期主要以来自经营活动的现

金及借款拨付其未来营运及扩展计划。

FINANCIAL REVIEW (Continued)

Capital Expenditure

The Group’s capital expenditures in FY2025 primarily comprised

expenditures on leasing machinery, vehicles, leasehold improvements,

furniture and fixtures and ofice equipment, amounting to a total of

aproximately HK$31.8 milion (for the year ended 31 March 2024:

aproximately HK$30.4 milion). The vast majority of the capital

expenditures were used to fund the expansion of the Group’s owned

rental flet and truck, which acounted for aproximately 98.4% of the

total capital expenditure of the Group for FY2025.

Liquidity and Financial Resources Review

The Group financed its operations through a combination of cash flow

from operations and borowings. As at 31 March 2025, the Group had

cash balances and cash equivalents of aproximately HK$108.3 milion

(as at 31 March 2024: aproximately HK$93.7 milion) that were mainly

denominated in Hong Kong Dolars, Japanese Yen, Euro, Macau Pataca

(“MOP”), Singapore Dolars, United States Dolars and Chinese Yuan, and

had borowings and lease liabilities of aproximately HK$49.8 milion (as at

31 March 2024: aproximately HK$42.7 milion) that were denominated in

Hong Kong Dolars.

As at 31 March 2025, the Group had banking facilities of aproximately

HK$83.3 milion (as at 31 March 2024: aproximately HK$85.4 milion), of

which aproximately HK$72.8 milion (as at 31 March 2024: aproximately

HK$57.1 milion) had ben drawn down, and aproximately HK$10.5 milion

(as at 31 March 2024: aproximately HK$28.3 milion) were unutilised.

As at 31 March 2025, the gearing ratio of the Group was nil (as at 31 March

2024: nil), which was calculated based on the net debt divided by total

equity. Net debt is defined as the sum of the interest bearing liabilities,

which include borowings, bank overdraft, lease liabilities, minus the cash

and cash equivalents.

Going forward, the Group expects to fund its future operations and

expansion plans primarily with cash generated from operations and

borowings.

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

亚积邦租赁控股有限公司 / 2025年报25

财务回顾（续）

外汇风险

本集团若干交易用以计值的货币有别于本集团

的功能货币（即港元），因此，本集团面临外汇风

险。本集团用以结算其向供应商购货的付款一般

以港元、日圆、欧元、新加坡元、人民币及美元

计值。本集团自客户收取的付款主要以港元、澳

门元、新加坡元、人民币及美元计值。

本集团并无外汇对冲政策。然而，本集团将继续

密切监察其面对的货币变动风险及采取积极措施。

或然负债

于2025年3月31日，本集团并无重大或然负债。

附属公司及联营公司以及合营企业的重大收

购及出售

于2025年财政年度，附属公司、联营公司及合营

企业概无重大收购或出售。

重大投资

于2025年3月31日，本集团概无任何重大投资。

于2025年5月，本公司间接全资附属公司亚积邦

租赁有限公司（「APR」）向汇丰人寿保险（国际）

有限公司购买一份关键人物保险（「关键人物保

险」），受保人为APR雇员兼本公司执行董事刘子

锋先生，保额为2.5百万美元，单一保费约为0.5

百万美元，APR为关键人物保险的投保人。根据

香港上海汇丰银行有限公司（「汇丰」）于2025年3

月19日发出的融资函件（「融资函件」）所述，关

键人物保险将抵押予汇丰，以向APR及亚积邦电

力提供35.0百万港元的财务融资。融资函件已于

2025年4月30日获本公司董事会（「董事会」）批准。

购买关键人物保险乃透过本集团的内部资源拨付。

FINANCIAL REVIEW (Continued)

Foreign Exchange Risk

Certain transactions of the Group are denominated in curencies which

are diferent from the functional curencies of the Group, namely, Hong

Kong Dolars, and therefore the Group is exposed to foreign exchange

risk. Payments made by the Group for the setlement of its purchases from

supliers are generaly denominated in Hong Kong Dolars, Japanese Yen,

Euro, Singapore Dolars, Chinese Yuan and United States Dolars. Payments

received by the Group from its customers are mainly denominated in Hong

Kong Dolars, MOP, Singapore Dolars, Chinese Yuan and United States

Dolars.

The Group does not have a foreign curency hedging policy. However, the

Group wil continue to monitor closely its exposure to curency movement

and take proactive measures.

Contingent Liabilities

As at 31 March 2025, the Group had no material contingent liabilities.

Material Acquisitions and Disposals of Subsidiaries and

Asociated Companies and Joint Ventures

There were no material acquisitions or disposals of subsidiaries, asociated

companies and joint ventures during FY2025.

Significant Investments

As at 31 March 2025, the Group did not have any significant investments.

In May 2025, AP Rentals Limited (the “APR”), an indirect wholy-owned

subsidiary of the Company, has bought a keyman insurance policy (the

“Keyman Policy”) from HSBC Life (International) Limited, with the insured

being Mr. Lau Tsz Fung, an employe of APR and an executive director of

the Company, for a sum insured of USD2.5 milion with a single premium

of aproximately USD0.5 milion, with APR being the policyholder of the

Keyman Policy. The Keyman Policy is to be pledged with The Hongkong

and Shanghai Banking Corporation Limited (the “HSBC”) for the provision

of financial facility amounting to HK$35.0 milion to APR and AP Power as

stated in the facility leter isued by HSBC on 19 March 2025 (the “Facility

Leter”). The Facility Leter was aproved by the board of directors of the

Company (the “Board”) on 30 April 2025.

The purchase of the Keyman Policy was funded by the Group’s internal

resources.

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

AP Rentals Holdings Limited / Anual Report 202526

财务回顾（续）

资本承担及重大投资或资本资产的未来计划

于2025年3月31日，本集团的资本承担约13.8百

万港元（于2024年3月31日：约19.8百万港元）是

为本集团收购出租设备。

本集团将透过内部资源及银行融资为购买租赁设

备拨付。

资产质押

于2025年3月31日，约3.1百万港元（于2024年

3月31日：约3.0百万港元）的寿险保单存款、于

2025年3月31日约6.0百万港元（于2024年3月31日：

约4.5百万港元）的租赁设备及卡车以及约0.4百万

港元（于2024年3月31日：约0.4百万港元）的银

行存款已抵押用作本集团借款约41.9百万港元（于

2024年3月31日：约38.4百万港元）的担保。

分部资料

本集团呈列的分部资料于本报告财务报表附注中

的附注5(a)及5(b)披露。

人力资源及雇员薪酬

于2025年3月31日，本集团有129名雇员（于2024

年3月31日：133名雇员），其中117名雇员位于

香港（于2024年3月31日：120名雇员）、3名雇员

位于澳门（于2024年3月31日：4名雇员）、6名雇

员位于新加坡（于2024年3月31日：6名雇员）及3

名雇员位于中国（于2024年3月31日：3名雇员）。

雇员薪酬待遇经参考市场资料及个人表现而厘

定，将定期检讨。董事会不时检讨薪酬政策。在

基本薪酬之外，本集团亦提供医疗保险、向公积

金供款及为雇员提供其他福利。于2025年财政

年度的总员工成本（包括薪酬、其他福利及为本

公司董事及本集团其他员工的退休计划供款）约

为62.8百万港元（2024年财政年度：约61.2百万港

元）。员工成本增加主要由于以下的净影响所致：

(i) 2025年财政年度的长服金拨备减少至约0.4百

万港元（2024年财政年度：约1.3百万港元）；及(i)

员工薪金及工资按年递增。

FINANCIAL REVIEW (Continued)

Capital Comitments and Future Plans for Material

Investments or Capital Asets

As at 31 March 2025, the Group had capital comitments of aproximately

HK$13.8 milion (as at 31 March 2024: aproximately HK$19.8 milion) to

acquire leasing equipment for the Group.

The acquisition of leasing equipment wil be funded by the Group’s internal

resources and banking facilities.

Pledge of Asets

As at 31 March 2025, deposit placed for a life insurance policy of

aproximately HK$3.1 milion (as at 31 March 2024: aproximately HK$3.0

milion), leasing equipment and trucks of aproximately HK$6.0 milion

as at 31 March 2025 (as at 31 March 2024: aproximately HK$4.5 milion),

and bank deposits of aproximately HK$0.4 milion (as at 31 March 2024:

aproximately HK$0.4 milion) have ben pledged to secure the Group’s

borowings of aproximately HK$41.9 milion (as at 31 March 2024:

aproximately HK$38.4 milion).

Segment Information

Segment information is presented for the Group as disclosed in notes 5(a)

and 5(b) of the notes to financial statements of this report.

Human Resources and Employes’ Remuneration

As at 31 March 2025, the Group had 129 employes (as at 31 March 2024:

133 employes), of which 117 employes were in Hong Kong (as at 31

March 2024: 120 employes), 3 employes were in Macau (as at 31 March

2024: 4 employes), 6 employes were in Singapore (as at 31 March

2024: 6 employes) and 3 employes were in PRC (as at 31 March 2024:

3 employes). Employes’ remuneration packages are determined with

reference to the market information and individual performance and wil

be reviewed on a regular basis. The remuneration policy wil be reviewed

by the Board from time to time. In adition to basic remuneration, the

Group also provides medical insurance, makes contributions to provident

funds and provides other benefits to the employes. The total staf costs

including remuneration, other benefits and contributions to retirement

schemes for the directors of the Company and other staf of the Group

for FY2025 amounted to aproximately HK$62.8 milion (FY2024:

aproximately HK$61.2 milion). The increase in staf costs was mainly

due to the net efect of: (i) decrease in the provision on LSP in FY2025 to

aproximately HK$0.4 milion (FY2024: aproximately HK$1.3 milion); and

(i) the anual increment of salary and wages of staf.

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

亚积邦租赁控股有限公司 / 2025年报27

财务回顾（续）

人力资源及雇员薪酬（续）

本集团的技术员工参加由生产商及本集团联合举

办的研讨会，以获得产品知识，确保彼等具备必

要技能及知识履行职责。有关研讨会包括设备结

构的培训、操作特点、操作员安全培训及设备维

修。除生产商与本集团联合举办的培训外，本集

团的技术员工亦参加外部培训课程，取得相关证

书。

购股权计划

为本集团发展而吸引及挽留最合适的人员，本集

团于2016年3月17日采纳购股权计划（「计划」）。

购股权可作为长期激励授予本集团合资格雇员。

自计划采纳日期起至2025年3月31日，并无根据

计划授出或同意授出购股权。

FINANCIAL REVIEW (Continued)

Human Resources and Employes’ Remuneration (Continued)

The Group’s technical staf atend seminars jointly conducted by

manufacturers and the Group to acquire product knowledge to ensure

that they are equiped with the necesary skils and knowledge to perform

their duties. Such seminars include training regarding the equipment

structures, operational features, operator safety training and equipment

repair. In adition to the training jointly conducted by manufacturers and

the Group, the Group’s technical staf also atend external training courses

and obtain relevant certificates.

Share Option Scheme

To atract and retain the most suitable personel for development of the

Group, the Group has adopted the share option scheme (the “Scheme”)

on 17 March 2016. Share options may be granted to eligible employes of

the Group as a long-term incentive. From the date of the adoption of the

Scheme and up to 31 March 2025, no share option has ben granted or

agred to be granted under the Scheme.

2025
2025年
HK$’000
千港元
120,205
7,896
22,260
9,863
160,224
46,450
3,377
10,275
267
(2,847)
14,353
(2,196)
12,157
1.41
29.0%
7.6%
3.6%
5.2%
2.1
339,125
(105,066)
234,059

FIVE YEAR FINANCIAL SUMARY

五年财务概要

AP Rentals Holdings Limited / Anual Report 202528

FIVE YEAR FINANCIAL SUMARY

For the year ended 31 March

截至3月31日止年度

2024年2023年2022年2021年

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Results业绩

Revenue收益

Leasing income of equipment 租赁设备收入114,520111,87697,436101,873

Sales of machinery and parts 机械及零件销售24,86020,49817,75727,523

Operating service income 操作服务收入22,14317,57512,36512,777

Other service income 其他服务收入12,54710,6037,2406,277

174,070160,552134,798148,450

Gros profit毛利52,04245,01920,59318,487

Other income其他收入3,2324,9867846,576

Other gains其他收益2,1979,9139,4435,966

Reversal of impairment loses

(impairment loses)

recognised on property,

plant and equipment

已确认物业、机械及

设备减值亏损拨回

（减值亏损）

(54)(702)2,435(5,363)

(Impairment loses) reversal of

impairment loses under expected

credit los model recognised

on lease receivables and trade

receivables net

根据预期信贷亏损模式

已确认应收租赁款项

及贸易应收款项

（减值亏损）减值亏损

拨回净额1,677(3,945)(2,255)1,516

Profit (los) before tax除税前溢利（亏损）13,46615,099(4,995)(6,536)

Income tax (expense)/credit所得税（开支）╱抵免(3,102)(2,323)540852

Profit (los) for the year本年度溢利（亏损）10,36412,776(4,455)(5,684)

Per share data每股资料

Earnings (los) per share每股盈利（亏损）

— basic (HK cents) — 基本（港仙）1.201.48 (0.52)(0.66)

Financial ratios财务比率

Gros profit margin毛利率29.9%28.0%15.3%12.5%

Net profit (los) margin纯利率（净亏损率）6.0%8.0%(3.3%)(3.8%)

Return on total asets总资产回报率3.1%3.9%(1.4%)(1.8%)

Return on equity权益回报率4.5%5.7%(2.1%)(2.6%)

Curent ratio流动比率1.91.7 1.51.8

Asets and liabilities资产及负债

Total asets总资产339,426327,887318,670310,689

Total liabilities总负债(111,120)(103,729)(106,411)(94,556)

Total equity总权益228,306224,158212,259216,133

五年财务概要

	7.2 12.4 17.8		17.6 20.5		22.1 24.9		22.2 7.9
	97.4		111.9		114.5		120.2

46.5

10.4	12.2

1.20	1.41

FIVE YEAR FINANCIAL SUMARY

五年财务概要

亚积邦租赁控股有限公司 / 2025年报29

250.0

200.0

150.0

100.0

50.0

0.0

Leasing income of equipment

租赁设备收入

2024年

Sales of machinery and parts

机械及零件销售

Operating service income

操作服务收入

Other service income

其他服务收入

2025年

2022年

2021年

2023年

9.9

160.2

101.9

27.5

12.8

6.3

148.5

10.6

160.6

22.1

12.5

174.1

134.8

REVENUE (HK$ Milion)

收益（百万港元）

GROS PROFIT (HK$ Milion)

毛利（百万港元）

EARNINGS (LOS) PER SHARE

(HK cents)

每股盈利（亏损）（港仙）

PROFIT (LOS) ATRIBUTABLE TO OWNERS

(HK$ Milion)

拥有人应占溢利（亏损）（百万港元）

80.0

70.0

60.0

40.0

50.0

30.0

20.0

10.0

0.0

2024年

2025年

2022年

2021年

2023年

52.0

18.5

8.0

5.0

6.0

7.0

4.0

3.0

2.0

-1.0

0.0

1.0

-3.0

-2.0

2024年

2025年

2022年

2021年

2023年

1.48

(0.66)(0.52)

50.0

40.0

30.0

20.0

10.0

0.0

-20.0

-10.0

2024年

2022年

2021年

2023年

2025年

12.8

(5.7)

(4.5)

FIVE YEAR FINANCIAL SUMARY

五年财务概要

AP Rentals Holdings Limited / Anual Report 202530

GROS PROFIT MARGIN (%)

毛利率（%）

RETURN ON TOTAL ASETS (%)

总资产回报率（%）

CURENT RATIO

流动比率

NET PROFIT (LOS) MARGIN (%)

纯利率（净亏损率）（%）

RETURN ON EQUITY (%)

权益回报率（%）

FINANCIAL RATIOS财务比率

35.0%

30.0%

20.0%

15.0%

25.0%

10.0%

28.0%

15.3%

2024年

2025年

2022年

2021年

2023年

12.5%

29.9%29.0%

30.0%

25.0%

15.0%

20.0%

10.0%

5.0%

-10.0%

-5.0%

0.0%

3.9%

2024年

2025年

2022年

2021年

2023年

3.1%3.6%

(1.8%)(1.4%)

2.0

2.5

1.5

0.5

1.0

0.0

1.7

1.9

2024年

2025年

2022年

2021年

2023年

1.5

1.8

2.1

25.0%

20.0%

15.0%

10.0%

5.0%

-15.0%

-10.0%

-5.0%

0.0%

8.0%

6.0%7.6%

(3.3%)

2024年

2025年

2022年

2021年

2023年

(3.8%)

60.0%

50.0%

30.0%

40.0%

20.0%

10.0%

-10.0%

0.0%

5.7%

2024年

2025年

2022年

2021年

2023年

4.5%5.2%

(2.1%)

(2.6%)

DIRECTORS’ REPORT

董事会报告

亚积邦租赁控股有限公司 / 2025年报31

The Directors submit herewith the anual report together with the audited

consolidated financial statements for the year ended 31 March 2025.

PRINCIPAL ACTIVITIES

The principal activity of the Company is investment holding. The Group is

principaly engaged in the provision of equipment rental-related solutions

and value-aded services to customers. The principal activities of the

Company’s subsidiaries are set out in note 37 to the consolidated financial

statements.

RESERVES

Details of movement in the reserves of the Group during the year are set

out in the consolidated statement of changes in equity on page 135.

DISTRIBUTABLE RESERVES OF THE COMPANY

As at 31 March 2025, distributable reserves of the Company amounted

to aproximately HK$252.8 milion (as at 2024: aproximately HK$253.3

milion).

RESULTS AND APROPRIATIONS

The results of the Group for the year ended 31 March 2025 and the state

of afairs of the Company and the Group as at 31 March 2025 are set out in

the consolidated financial statements on pages 132 to 224 of this anual

report.

The Board recomends the payment of a final dividend of HK0.70 cent per

share for the year ended 31 March 2025 (FY2024: HK0.60 cent per share).

BUSINES REVIEW

The Group are built on profesionalism and continuous inovation. As

such, the Group strives to be at the forefront of advanced technological

aplications in its industry and ofer cost-efective solutions with various

value-aded services, including but not limited to the provision of data-

driven solutions for carbon reduction and energy eficiency, which

wil ensure that the Group can kep up with the dynamic neds of its

customers and create win-win solutions.

A review of the busines of the Group during the year and a discusion of

the Group’s future busines development are set out in the “Chairman’s

Statement” and the “Management Discusion and Analysis” sections

on pages 10 to 13 and on pages 14 to 27 of this anual report respectively.

董事谨此提呈其截至2025年3月31日止年度的年

报及经审核综合财务报表。

主要业务

本公司的主要业务为投资控股。本集团主要从事

为客户提供设备出租相关解决方案及增值服务。

本公司附属公司的主要业务载于综合财务报表附

注37。

储备

本年度本集团储备变动的详情载列于第135页的

综合权益变动表。

本公司可供分派储备

于2025年3月31日，本公司的可供分派储备约为

252.8百万港元（于2024年：约253.3百万港元）。

业绩及分派

本集团截至2025年3月31日止年度的业绩以及本

公司及本集团于2025年3月31日的事务状况载于

本年报第132至224页的综合财务报表。

董事会建议就截至2025年3月31日止年度派付末

期股息每股0.70港仙（2024年财政年度：每股0.60

港仙）。

业务回顾

本集团以专业精神及持续创新为基础。因此，本

集团致力成为业内先进技术应用的最前线，并提

供具成本效益的解决方案及各种增值服务，包括

但不限于提供以数据驱动的减碳及能源效益解决

方案，确保本集团可紧贴客户持续变化的需求，

创造双赢的解决方案。

本集团于本年度的业务回顾及有关本集团未来业

务发展的讨论分别载于本年报第10至13页的「主

席报告」及第14至27页的「管理层讨论与分析」

各节。

DIRECTORS’ REPORT

董事会报告

AP Rentals Holdings Limited / Anual Report 202532

业务回顾（续）

在业务模式方面，本集团是以香港为主要业务的

领先设备出租服务及相关解决方案提供商，有能

力向客户提供各式各样建筑、机电工程及节目及

娱乐设备、设备出租相关解决方案及增值服务。

本集团的策略是运用先进技术，为客户提供更多

增值服务及专业建议。因此，本集团每年持续投

资于硬件及软件。本集团在产品开发方面有多个

主要目标，包括全面数字化、环保及人工智能；

以及「绿色概念」，包括但不限于提供一些与客户

租赁设备排放相关的原始数据、使用生物柴油及

提供更高效、可靠及具成本效益的电力模式给客

户。通过执行我们的业务策略，本集团的设备租

赁收入在香港、澳门及新加坡有所增加。持续推

广移动电源智能系统的概念证明本集团的策略是

正确的。这些策略将于未来数年内逐步实施，以

实现本集团现场设备的电气化。有关本集团的业

务模式及策略的进一步详情，请参阅本报告第14

至27页的「管理层讨论与分析」一节。

与我们业务有关的风险

设备出租一般属周期性行业，其收益与整体经济

状况（尤其是建造及电子与机械工程（「机电」或

「机电工程」）行业的状况）息相关。我们的产

品及服务主要用于建设项目，而建设项目有其周

期性，亦较易受整体经济状况改变的影响。我们

的最终市场状况转弱，如建造及机电工程活动减

少，可能使市场对本集团设备的需求或本集团可

收取的出租费或价格下降。可导致我们最终市场

状况转弱的因素包括：

(i) 中国经济放缓及香港经济收缩（例如连续数

年出现财政赤字）可能限制基建设施项目的

供应及规模；

(i) 由于来自中国的承建商执行合约不力，以

及全球经济滞胀压力可能导致建筑项目业

主或承建商的资金链崩溃，令信贷风险增

加；及

(i) 地缘政治冲突及紧张局势，以及不稳定的

政治环境。例如：俄罗斯与乌克兰的战争、

以色列与巴勒斯坦的冲突、中国与西方之

间的角力，以及美国对中国及香港的关税

政策的影响。

BUSINES REVIEW (Continued)

In respect of busines model, the Group is a leading equipment rental

service and related solutions provider having its principal busines in Hong

Kong with the capability of providing a wide range of construction, E&M

enginering and event and entertainment equipment, equipment rental-

related solutions and value-aded services to its customers. The Group’s

strategies are to serve its customers with more value-aded services

and profesional advice by aplying advanced technologies. As such,

the Group has continuously invested on hardware and software every

year. The Group has several major goals of product developments, which

are Comprehensive Digitization, Environmental Friendly and Artificial

Inteligence; as wel as the “gren concept”, including but not limited to,

providing some raw data related to the emision from the equipment

leased by the customers, use of biodiesel and provision of more eficient,

reliable and cost-efective modes in providing electricity to the customers.

Through the execution of our busines strategies, the leasing income of

equipment of the Group increased in Hong Kong, Macau and Singapore.

The continuous promotion of the SME concept proved that the Group

is on the right track with its strategies. These strategies wil be gradualy

implemented for electrification of equipment on site by the Group in

coming years. For further details in relation to the Group’s busines model

and strategies, please refer to the section headed “Management Discusion

& Analysis” on pages 14 to 27 of this report.

RISKS RELATING TO OUR BUSINES

The equipment rental industry is cyclical in general and its revenues are

tied to general economic conditions and to conditions in the construction

and electrical and mechanical enginering (“E&M” or “E&M enginering”)

industry in particular. Our products and services are used primarily in

construction projects which is cyclical and sensitive to changes in general

economic conditions. Weaknes in our end-markets, such as a decline in

construction and E&M enginering activities, may decrease the demand

for the Group’s equipment or the rental rates or prices that the Group can

charge. Factors that may cause weaknes in our end-markets include:

(i) economic slowdown in the PRC and contracted economy in Hong

Kong (e.g., consecutive years with fiscal deficits) may limit the

availability and scale of infrastructure projects;

(i) increased credit risk exposure due to the weak contract enforcement

for contractors from the PRC and due to the potential breakdown

in the capital chain of construction project owners or contractors,

resulting from global economic stagflation presure; and

(i) geopolitical conflicts and tensions, as wel as unstable political

environment. For instance, the Rusia-Ukraine war, Israel-Palestine

conflict, contestation betwen China and the West and the efects of

the US’s tarif policy towards the PRC and Hong Kong.

DIRECTORS’ REPORT

董事会报告

亚积邦租赁控股有限公司 / 2025年报33

与我们业务有关的风险（续）

有关本集团可能面临的资金风险及财务风险的进

一步说明载于本年报所载截至2025年3月31日止

年度的经审核综合财务报表附注30及附注31以

及第25页的「管理层讨论与分析 — 外汇风险」一

节。

使用主要财务表现指标对本集团本年度表现所作

分析分别载于本年报第28至30页的本集团五年

财务概要及第19至27页的「管理层讨论与分析—

财务回顾」一节。自截至2025年3月31日止财政

年度结束以来所发生影响本公司的重大事件（如

有）详情，亦可于本年报本节及上文所载章节及

综合财务报表附注查阅。

环保及遵守法律及规例

本集团致力为环境的可持续性作出贡献。在环保

方面，我们大部分适用于优质机动设备（「QPME」）

制度的出租设备已取得QPME认证，而我们已为

所有受香港法例第311Z章《空气污染管制（非道路

移动机械）（排放）规例》（「NRM」规例）规管的设

备递交申请，当中有关大部分设备已取得NRM

标签。

有关(i)本集团环境政策及表现；及(i)本集团遵守

对本集团有重大影响的法例及法规的进一步详情

将载于「环境、社会及管治报告」。

环境、社会及管治报告

有关根据香港联合交易所有限公司证券上市规则

（「上市规则」）附录C2编制的本公司环境、社会及

管治报告，请参阅第88至123页。

与主要持份者的关系

本集团认识到雇员、客户及供应商均为其持续发

展的关键因素。本集团致力与雇员建立紧密关顾

关系，为客户提供优质服务，并加强与业务伙伴

合作。本公司提供公平而安全的工作环境、提倡

员工多元化、根据彼等的长处及表现提供具竞争

力的薪酬及福利以及职业发展机会。本集团亦竭

力为雇员提供充足培训及发展资源，以使彼等可

紧贴市场及行业的最新发展，与此同时改善于其

职位上的表现及实现自我价值。

RISKS RELATING TO OUR BUSINES (Continued)

Further description of posible capital risks and financial risks facing the

Group are set out in note 30 and note 31 to the audited consolidated

financial statements for the year ended 31 March 2025 and the section

headed “Management Discusion and Analysis — Foreign Exchange

Risk” on page 25 of this anual report.

An analysis of the Group’s performance during the year using financial key

performance indicators is set out in the Group’s Five Year Financial Sumary

and the section headed “Management Discusion and Analysis —

Financial Review” on pages 28 to 30 and on pages 19 to 27 of this anual

report respectively. Particulars of important events afecting the Company

that have ocured since the end of the financial year ended 31 March 2025,

if any, can also be found in this section and the above sections of this anual

report and notes to the consolidated financial statements.

ENVIRONMENTAL PROTECTION AND COMPLIANCE

WITH LAWS AND REGULATIONS

The Group is comited to contributing to the sustainability of the

environment. In terms of environmental friendlines, we have obtained

the Quality Powered Mechanical Equipment (“QPME”) identification for

most of our rental equipment to which the QPME system is aplicable, and

we have filed aplication for al our equipment which are subject to the

Air Polution Control (Non-road Mobile Machinery) (Emision) Regulation

(Chapter 311Z of the Laws of Hong Kong) (the “NRM” Regulation), and

have obtained the NRM label for most of such equipment.

Further details on (i) the Group’s environmental policies and performance;

and (i) the Group’s compliance with laws and regulations that have a

significant impact on the Group wil be set out in the “Environmental,

Social and Governance Report”.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

Please refer to pages 88 to 123 for the Environmental, Social and

Governance Report of the Company prepared in acordance with

Apendix C2 to the Rules Governing the Listing of Securities on The Stock

Exchange of Hong Kong Limited (the “Listing Rules”).

RELATIONSHIP WITH KEY STAKEHOLDERS

The Group recognises that employes, customers and supliers are keys

to its sustainable development. The Group is comited to establishing a

close and caring relationship with its employes, providing quality services

to its customers and enhancing coperation with its busines partners. The

Company provides a fair and safe workplace, promotes diversity to our staf,

provides competitive remuneration and benefits and carer development

oportunities based on their merits and performance. The Group also puts

ongoing eforts to provide adequate trainings and development resources

to the employes so that they can kep abreast of the latest development

of the market and the industry and, at the same time, improve their

performance and self-fulfilment in their positions.

DIRECTORS’ REPORT

董事会报告

AP Rentals Holdings Limited / Anual Report 202534

与主要持份者的关系（续）

本集团为客户提供各式各样建筑、机电工程及节

目及娱乐设备、设备出租相关解决方案以及增值

服务。本集团维持本集团与客户之间的良好工作

关系。本集团透过与客户持续互动洞悉不同产品

日益转变的市场需求，使本集团能够积极应对，

借此增强彼此关系。

本集团与其供应商及服务供应商维持稳健业务关

系。为更有效及密切监察供应商的表现，本集团

管理层定期检讨本集团主要供应商及服务供应商

的表现，并与彼等沟通以期作出纠正及改善。

财务概要

本集团过去五个财政年度的业绩以及资产及负债

概要载于本年报第28页。

物业、机械及设备

本集团本年度物业、机械及设备变动详情载于综

合财务报表附注14。

股本

本公司本年度股本变动详情载于综合财务报表附

注27。

购买、出售或赎回本公司的上市证券

于2025年财政年度，本公司或其任何附属公司概

无购买、出售或赎回任何本公司上市证券。

优先购买权

本公司组织章程细则（「细则」）或开曼群岛法律概

无订明有关优先购买权的条文，规定本公司须按

比例向现有股东发售新股份。

RELATIONSHIP WITH KEY STAKEHOLDERS (Continued)

The Group provides a wide range of construction, E&M enginering and

event and entertainment equipment, equipment rental-related solutions

and value-aded services to customers. The Group maintains god

working relationships betwen the Group and the customers. The Group

enhances the relationship by continuous interaction with customers to

gain insight on the changing market demand for diferent products so that

the Group can respond proactively.

The Group maintains sound busines relationship with its supliers and

service providers. In order to have beter and close monitoring of supliers’

performance, the Group’s management conducts performance review

regularly targeting on the Group’s major supliers and service providers,

and comunicates with them for rectification and improvements.

FINANCIAL SUMARY

A sumary of the results and asets and liabilities of the Group for the last

5 financial years are set out on page 28 of this anual report.

PROPERTY, PLANT AND EQUIPMENT

Details of the movements in property, plant and equipment of the

Group during the year are set out in note 14 to the consolidated financial

statements.

SHARE CAPITAL

Details of the movements in share capital of the Company during the year

are set out in note 27 to the consolidated financial statements.

PURCHASE, SALE OR REDEMPTION OF THE COMPANY’S

LISTED SECURITIES

In FY2025, neither the Company nor any of its subsidiaries purchased, sold

or redemed any of the listed securities of the Company.

PRE-EMPTIVE RIGHTS

There is no provision for pre-emptive rights under the Company’s articles

of asociation (“Articles”) or the laws of the Cayman Islands, which would

oblige the Company to ofer new shares on a pro-rata basis to existing

shareholders.

DIRECTORS’ REPORT

董事会报告

亚积邦租赁控股有限公司 / 2025年报35

慈善捐款

本集团于本年度作出的慈善捐款为16,387港元

（2024年财政年度：100,000港元）。

购股权计划

为本集团发展而吸引及留聘最合适的人员，本集

团于2016年3月17日采纳购股权计划（「购股权计

划」）。购股权可作为长期激励授予本集团合资格

雇员。自购股权计划采纳日期起至2025年3月31

日止，并无根据购股权计划授出或同意授出购股

权。

1. 购股权计划目的

(a) 购股权计划为股份奖励计划，设立该

计划旨在嘉许及酬谢曾经或可能会对

本集团作出贡献的合资格参与者（定

义见下文）。

(b) 购股权计划将为合资格参与者提供机

会收购本公司的资本权益，以达致以

下主要目标：

(i) 鼓励合资格参与者争取最佳表

现及效率，使本集团受益；及

(i) 吸引及留聘或以其他方式维持

与合资格参与者的持续业务关

系，而彼等的贡献有利于、将

有利或预期有利于本集团。

指符合下文第2段所述合资格标准的

任何人士。

CHARITABLE DONATIONS

Charitable donation made by the Group during the year was HK$16,387

(FY2024: HK$100,000).

SHARE OPTION SCHEME

To atract and retain the most suitable personel for development of

the Group, the Group has adopted the share option scheme (the “Share

Option Scheme”) on 17 March 2016. Share options may be granted to

eligible employes of the Group as a long-term incentive. From the date

of the adoption of the Share Option Scheme and up to 31 March 2025, no

share option has ben granted or agred to be granted under the Share

Option Scheme.

1. Purpose of the Share Option Scheme

(a) The Share Option Scheme is a share incentive scheme and is

established to recognise and acknowledge the contributions

that Eligible Participants (as defined below) had made or may

make to the Group.

(b) The Share Option Scheme wil provide the Eligible Participants

with an oportunity to acquire proprietary interests in the

Company with the view to achieving the folowing principal

objectives:

(i) motivate the Eligible Participants to optimise their

performance and eficiency for the benefit of the Group;

and

(i) atract and retain or otherwise maintain ongoing

busines relationship with the Eligible Participants

whose contributions are, wil or expected to be

beneficial to the Group.

Participant” means any person who satisfies the eligibility

criteria in paragraph 2 below.

DIRECTORS’ REPORT

董事会报告

AP Rentals Holdings Limited / Anual Report 202536

购股权计划（续）

2. 参加资格及厘定资格的基准

(a) 董事会可酌情向下列人士授出购股权*：

(i)本集团任何董事、雇员、咨询人、

专业人士、客户、供应商、代理、合

伙人或顾问或承包商或本集团拥有权

益的公司或该公司的附属公司（「联属

人士」）；或(i)以本集团任何董事、雇

员、咨询人、专业人士、客户、供应

商、代理、合伙人或顾问或承包商或

联属人士为受益人的任何信托或以上

述各方为全权受益人的任何全权信托

的受托人；或(i)本集团任何董事、

雇员、咨询人、专业人士、客户、供

应商、代理、合伙人、顾问或承包商

或联属人士实益拥有的公司。

(b) 为使董事会信纳某位人士合资格为

（或，如适用，继续合资格为）合资格

参与者，该人士须提供董事会可能要

求作评估其是否合资格（或是否继续

合资格）用途的所有关资料。

或彼等的任何联系人（定义见上市规

则）授出购股权必须根据上市规则的

规定获批准。

(d) 倘董事会议决承授人不符合╱已经不

符合或未能╱已未能符合购股权计划

下的持续合资格标准，则本公司（受

任何相关法律及法规限）有权将已

授予有关承授人的任何尚未行使购股

权或其部份（以尚未行使者为限）视

为失效，惟须受若干规定（有关详情

载于本公司日期为2016年3月24日的

招股章程（「招股章程」）附录四「购股

权计划」一节）规限。

SHARE OPTION SCHEME (Continued)

2. Who may join and basis for determining eligibility

(a) The Board may at its discretion grant options to*: (i) any

director, employe, consultant, profesional, customer,

suplier, agent, partner or adviser of or contractor to the

Group or a company in which the Group holds an interest or

a subsidiary of such company (“Afiliate”); or (i) the truste of

any trust the beneficiary of which or any discretionary trust the

discretionary objects of which include any director, employe,

consultant, profesional, customer, suplier, agent, partner

or adviser of or contractor to the Group or an Afiliate; or (i)

a company beneficialy owned by any director, employe,

consultant, profesional, customer, suplier, agent, partner,

adviser of or contractor to the Group or an Afiliate.

(b) In order for a person to satisfy the Board that he/she/it is

qualified to be (or, where aplicable, continues to qualify to

be) an Eligible Participant, such person shal provide al such

information as the Board may request for the purpose of

asesing his/her/its eligibility (or continuing eligibility).

the Listing Rules) of the Company, or any of his asociates (as

defined in the Listing Rules), must be aproved in acordance

with the requirements of the Listing Rules.

(d) Should the Board resolve that a grante fails/has failed or

otherwise is/has ben unable to met the continuing eligibility

criteria under the Share Option Scheme, the Company would

(subject to any relevant laws and regulations) be entitled

to dem any outstanding option or part thereof, granted

to such grante and to the extent not already exercised, as

lapsed, subject to certain requirements (the details of which

are set out in the section headed “Share Option Scheme”

in Apendix IV of the prospectus of the Company dated 24

March 2016 (the “Prospectus”).

* The grant of share options to any Eligible Participants shal be subject

to the provisions of Chapter 17 of the Listing Rules as amended from

time to time.

* 向任何合资格参与者授出购股权须受上市

规则（经不时修订）第17章的条文所规限。

DIRECTORS’ REPORT

董事会报告

亚积邦租赁控股有限公司 / 2025年报37

购股权计划（续）

（「股份」）数目

上限

(a) 根据购股权计划及任何其他计划授出

而尚未行使的全部尚未行使购股权

获行使时可能发行的股份数目上限，

合共不得超逾本公司不时已发行股本

30%。倘授出购股权将导致超过上述

30%限额，则不可根据本公司任何计

划（包括购股权计划）授出任何购股

权。

(b) 本公司根据购股权计划以及涉及本公

司发行或授出购股权或有关股份或

其他证券的类似权利的任何其他购

股权计划而可能授出的购股权所涉

及股份数目上限，合共不得超过本公

司于2016年4月8日（「上市日期」）已

发行股本的10%，上述10%限额相当

于86,400,000股份。86,400,000股

份相当于本年报日期已发行股份总数

（不包括库存股份）的10%。

4. 购股权计划各参与者的最高配额

倘全面行使购股权将导致任何合资格参与

者于直至该新授出当日（包括当日）止十二

个月期间内因根据购股权计划已获授出或

将获授出的购股权（包括已行使、已注销及

尚未行使的购股权）获行使时发行及将予发

行的股份总数合共超逾本公司于该授出当

日的已发行股本的1%，则不得向该合资格

参与者授出购股权。授出超出上述限额的

任何额外购股权均须符合上市规则项下的

若干规定。

5. 购股权行使时间

(a) 于购股权计划所载若干限制规限下，

可于所适用购股权期间（即不超过授

出购股权日期起计十年）随时根据购

股权计划条款及有关授出购股权的条

款行使购股权。

SHARE OPTION SCHEME (Continued)

3. Maximum number of shares of the Company (“Shares”)

available for isue

(a) The maximum number of Shares which may be isued upon

exercise of al outstanding options granted and yet to be

exercised under the Share Option Scheme and any other

schemes must not, in agregate, exced 30% of the isued

share capital of the Company from time to time. No options

may be granted under any schemes of the Company (including

the Share Option Scheme) if this wil result in the said 30%

limit being exceded.

(b) The maximum number of Shares in respect of which options

may be granted under the Share Option Scheme and any

other share option schemes involving the isue or grant of

options or similar rights over Shares or other securities by the

Company shal not, in agregate, exced 10% of the isued

share capital of the Company as at 8 April 2016 (the “Listing

Date”), and such 10% limit represents 86,400,000 Shares.

86,400,000 Shares represents 10% of the total Shares in isue

(excluding treasury shares) as at the date of this anual report.

4. The maximum entitlement of each participant under

the Share Option Scheme

No option may be granted to any Eligible Participant which, if

exercised in ful, would result in the total number of Shares isued

and to be isued upon exercise of the options already granted or

to be granted to such Eligible Participant under the Share Option

Scheme (including exercised, canceled and outstanding share

options) in the twelve-month period up to and including the date

of such new grant exceding 1% in agregate of the isued share

capital of the Company as at the date of such grant. Any grant of

further share options above this limit shal be subject to certain

requirements provided under the Listing Rules.

5. Time of exercise of option

(a) Subject to certain restrictions contained in the Share Option

Scheme, an option may be exercised in acordance with the

terms of the Share Option Scheme and the terms of grant

thereof at any time during the aplicable option period, which

is not more than ten years from the date of grant of option.

DIRECTORS’ REPORT

董事会报告

AP Rentals Holdings Limited / Anual Report 202538

购股权计划（续）

（续）

(b) 并无有关须持有购股权的最短期间或

于根据购股权计划的条款行使购股权

前须达致的表现目标的一般规定。然

而，董事会可于授出任何购股权时按

个别情况授出有关购股权，惟须遵守

有关条件、限制或规限（包括（但不限

于）该等与董事会可能全权酌情厘定

须持有购股权的最短期间及╱或须达

致的表现目标相关者）。

6. 购股权代价及行使价

根据及遵照购股权计划条款，董事会将可

于购股权计划生效日期起计十年内的营业

日随时建议向任何合资格参与者（由董事会

根据购股权计划所载合资格条件全权甄选）

授出购股权。当本公司接获正式签署的要

约函件及不可退回款项1.00港元（或董事会

可能厘定的任何货币数额）时，有关授出要

约被视为已获接纳。

购股权计划项下任何股份的行使价将由董

事会厘定及通知各承授人，惟该价格不得

低于以下各项的最高者：(i)于授出有关购

股权日期（该日必须为营业日）在联交所每

日报价表所报股份收市价；(i)相等于紧接

授出有关购股权日期前五个营业日在联交

所每日报价表所报股份平均收市价的金额；

及(i)股份于授出日期的面值。行使价亦须

作出若干调整（其详情载于招股章程附录四

「购股权计划」一节）。

SHARE OPTION SCHEME (Continued)

5. Time of exercise of option (Continued)

(b) There is no general requirement on the minimum period for

which an option must be held or the performance targets

which must be achieved before an option can be exercised

under the terms of the Share Option Scheme. However, at the

time of granting any option, the Board may, on a case by case

basis, make such grant subject to such conditions, restrictions

or limitations including (without limitation) those in relation

to the minimum period of the options to be held and/or

the performance targets to be achieved as the Board may

determine in its absolute discretion.

6. Consideration for share options and the exercise price

On and subject to the terms of the Share Option Scheme, the Board

shal be entitled at any time on a busines day within ten years

comencing on the efective date of the Share Option Scheme

to ofer the grant of an option to any Eligible Participant as the

Board may in its absolute discretion select in acordance with the

eligibility criteria set out in the Share Option Scheme. An ofer shal

be acepted when the Company receives the duly signed ofer leter

together with a non-refundable payment of HK$1.00 (or such other

sum in any curency as the Board may determine).

The exercise price for any Share under the Share Option Scheme

shal be a price determined by the Board and notified to each

grante and shal be not les than the highest of (i) the closing

price of a Share as stated in the Stock Exchange’s daily quotations

shet on the date of grant of the relevant option, which must be a

busines day, (i) an amount equivalent to the average closing price

of a Share as stated in the Stock Exchange’s daily quotation shets

for the five busines days imediately preceding the date of grant

of the relevant option and (i) the nominal value of a Share on the

date of grant. The exercise price shal also be subject to certain

adjustments (the details of which are set out in the section headed

“Share Option Scheme” in Apendix IV of the Prospectus).

DIRECTORS’ REPORT

董事会报告

亚积邦租赁控股有限公司 / 2025年报39

购股权计划（续）

7. 购股权计划的尚余有效期

自购股权计划生效当日起计十年期间内，

可根据购股权计划向合资格参与者授出购

股权。于本年报日期，购股权计划的尚余

有效期为约八个月。

于2025年财政年度开始及结束时根据购股权计划

可授出的购股权数量为86,400,000股。

2025年财政年度根据购股权计划授出的购股权及

奖励可发行股份数目除以本年度已发行相关类别

股份（不包括库存股份）的加权平均数为0。

有关购股权计划的进一步详情，请参阅招股章程

附录四第IV-12至IV-22页「购股权计划」一节。

主要客户及供应商

截至2025年3月31日止年度，本集团五大客户的

总收益如下：

最大客户16.0%

五大客户合共33.4%

本集团主要供应商于本年度所占总采购额（定义

为(i)本集团总销售成本减员工成本及折旧与(i)本

集团采购自置出租设备的总和）百分比如下：

最大供应商24.6%

五大供应商合共49.6%

于本年度任何时间概无董事、其紧密联系人或本

公司任何股东（据董事所深知拥有本公司已发行

股份（不包括库存股份）5%以上）拥有本集团任何

五大客户及供应商的任何权益。

SHARE OPTION SCHEME (Continued)

7. Remaining life of the Share Option Scheme

Options may be granted to Eligible Participants under the Share

Option Scheme during the period of ten years comencing on the

efective date of the Share Option Scheme. The remaining life of the

Share Option Scheme is aproximately eight months as at the date

of this anual report.

The number of share options available for grant under the Share Option

Scheme at the begining and the end of FY2025 was 86,400,000.

The number of shares that may be isued in respect of options and awards

granted under the Share Option Scheme during FY2025 divided by the

weighted average number of shares of the relevant clas in isue (excluding

treasury shares) for the year is 0.

For further details of the Share Option Scheme, please refer to the section

headed “Share Option Scheme” on pages IV-12 to IV-22 in Apendix IV to

the Prospectus.

MAJOR CUSTOMERS AND SUPLIERS

For the year ended 31 March 2025, the agregate amount of revenue

atributable to the Group’s five largest customers are as folows:

The largest customer16.0%

The five largest customers in agregate33.4%

The percentages of total purchases (defined as the sum of (i) the Group’s

total cost of sales les staf cost and depreciation and (i) purchases of the

Group’s owned rental equipment) for the year atributable to the Group’s

major supliers are as folows:

The largest suplier24.6%

The five largest supliers in agregate49.6%

At no time during the year did the Directors, their close asociates or any

shareholders of the Company, which to the best knowledge of the Directors,

owned more than 5% of the Company’s isued shares (excluding treasury

shares), have any interest in any of the Group’s five largest customers and

supliers.

DIRECTORS’ REPORT

董事会报告

AP Rentals Holdings Limited / Anual Report 202540

董事

于回顾年度及直至本年报日期任职的董事为：

执行董事

刘邦成（主席）

陈洁梅

刘子锋（于2024年4月1日获委任）

非执行董事

中泽友克

独立非执行董事

何钟泰

萧泽宇

李炳志（自本公司于2024年8月28日

举行的股东周年大会结束时起退任）

林秀凤（自本公司于2024年8月28日

举行的股东周年大会结束时起获委任）

刘子锋先生获委任为本公司执行董事，自2024年

4月1日起生效。

根据组织章程细则第83(3)条，刘子锋先生的任

期仅至其获委任后的本公司首届股东周年大会为

止，届时将符合资格于同一大会上膺选连任。刘

子锋先生于本公司在2024年8月28日举行的股东

周年大会上获重选为本公司执行董事。

根据细则第84条，在每届股东周年大会（「股东周

年大会」）上，当时三分之一董事须轮值退任，惟

每位董事须至少每三年于股东周年大会退任一次。

DIRECTORS

The Directors during the year under review and up to the date of this

anual report were:

Executive Directors

Lau Pong Sing (Chairman)

Chan Kit Mui, Lina

Lau Tsz Fung (apointed on 1 April 2024)

Non-executive Director

Nakazawa Tomokatsu

Independent non-executive Directors

Ho Chung Tai, Raymond

Siu Chak Yu

Li Ping Chi (retired with efect from the conclusion of

the anual general meting of the Company

held on 28 August 2024)

Lam Sau Fung (apointed with efect from the conclusion of

the anual general meting of the Company held on 28 August 2024)

Mr. Lau Tsz Fung was apointed as the executive director of the Company

with efect from 1 April 2024.

In acordance with Article 83(3) of the Articles of Asociation, Mr. Lau Tsz

Fung, shal hold ofice only until the first anual general meting of the

Company after his apointment and wil then be eligible for re-election at

the same meting. Mr. Lau Tsz Fung was re-elected as an executive director

of the Company at the anual general meting of the Company held on

28 August 2024.

Pursuant to Article 84 of the Articles, at each anual general meting (the

“AGM”), one-third of the Directors for the time being shal retire from ofice

by rotation provided that every Director shal be subject to retirement at an

anual general meting at least once every thre years.

DIRECTORS’ REPORT

董事会报告

亚积邦租赁控股有限公司 / 2025年报41

DIRECTORS (Continued)

Ms. Lam Sau Fung was apointed as an independent non-executive Director,

a member of the Remuneration Comite and the Nomination Comite,

and the chairman of the Audit Comite, with efect from the conclusion of

the anual general meting of the Company held on 28 August 2024.

DIRECTORS’ AND SENIOR MANAGEMENT’S

BIOGRAPHIES

Biographical details of the Directors and the senior management of the

Group are set out on pages 76 to 87 of this anual report.

DIRECTORS’ SERVICE CONTRACTS

No director to be proposed for re-election at the AGM has an unexpired

service contract which is not determinable by the Company within

one year without payment of compensation, other than statutory

compensation.

DIRECTORS’ INTERESTS AND SHORT POSITIONS IN

SHARES, UNDERLYING SHARES AND DEBENTURES

As at 31 March 2025, the interests or short positions of the Directors in the

shares, underlying shares and debentures of the Company and any of its

asociated corporations (within the meaning of Part XV of the Securities

and Future Ordinance (the “SFO”), which were required to be notified to

the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part

XV of the SFO (including interests and short positions which the directors

and chief executive were demed or taken to have under such provisions

of the SFO) or which were required, pursuant to section 352 of the SFO,

to be recorded in the register therein, or were required to be notified to

the Company and the Stock Exchange pursuant to the Model Code for

Securities Transactions by Directors of Listed Isuers contained in Apendix

C3 of the Listing Rules (the “Model Code”) are as folows:

董事（续）

林秀凤女士获委任为独立非执行董事、薪酬委员

会及提名委员会成员，以及审核委员会主席，自

2024年8月28日举行的本公司股东周年大会结束

时起生效。

董事及高级管理层的简历

董事及本集团高级管理层的简历详情载于本年报

第76至87页。

董事的服务合约

拟于股东周年大会上重选连任的董事概无任何本

公司不可在一年内不予赔偿（法定赔偿除外）的情

况下终止的未到期服务合约。

董事于股份、相关股份及债权证中的权

益及淡仓

于2025年3月31日，董事于本公司及其任何相联

法团（定义见证券及期货条例（「证券及期货条例」）

第XV部）的股份、相关股份及债权证中拥有根据

证券及期货条例第XV部第7及8分部须知会本公

司及联交所的权益或淡仓（包括根据证券及期货

条例该等条文视为或当作由董事及最高行政人员

拥有的权益及淡仓），或根据证券及期货条例第

352条须记录于该条所述登记册的权益或淡仓，

或根据上市规则附录C3所载上市发行人董事进行

证券交易的标准守则（「标准守则」）须知会本公司

及联交所的权益或淡仓如下：

DIRECTORS’ REPORT

董事会报告

AP Rentals Holdings Limited / Anual Report 202542

董事于股份、相关股份及债权证中的权

益及淡仓（续）

附注1：本公司由New Club House International Holdings

Limited（「New Club House」）直接拥有42.08%

权益。刘邦成先生（「刘先生」）因拥有New

Club House的100%股权而被视为于New Club

House所持相同数目股份中拥有权益。

附注2：刘先生为陈洁梅女士（「陈女士」）的配偶。根

据证券及期货条例，刘先生被视为于陈女士

拥有权益的相同数目股份中拥有权益。

附注3：本公司由Great Club House Holdings Limited

（「Great Club House」）直接拥有32.92%权益。

陈女士因拥有Great Club House的100%股权而

被视为于Great Club House所持相同数目股份

中拥有权益。

附注4：陈女士为刘先生的配偶。根据证券及期货条

例，陈女士被视为于刘先生拥有权益的相同

数目股份中拥有权益。

DIRECTORS’ INTERESTS AND SHORT POSITIONS IN

SHARES, UNDERLYING SHARES AND DEBENTURES

(Continued)

Name of DirectorsNature of Interest

Number of

Aproximate

Percentage of

Total Isued

Shares (%)

董事姓名权益性质股份数目

占已发行

股份总数

概约百分比(%)

Mr. Lau Pong Sing (Notes 1, 2)Interest in a controled corporation363,528,000 (L)42.08%

刘邦成先生（附注1、2）受控法团权益

Interest of spouse284,471,352 (L)32.92%

配偶权益

Ms. Chan Kit Mui, Lina (Notes 3, 4)Interest in a controled corporation284,471,352 (L)32.92%

陈洁梅女士（附注3、4）受控法团权益

Interest of spouse363,528,000 (L)42.08%

配偶权益

Note 1: The Company was directly owned as to 42.08% by New Club House

International Holdings Limited (“New Club House”). By virtue of his

100% shareholding in New Club House, Mr. Lau Pong Sing (“Mr. Lau”) is

demed to be interested in the same number of Shares held by New Club

House.

Note 2: Mr. Lau is the spouse of Ms. Chan Kit Mui, Lina (“Ms. Chan”). Under the

SFO, Mr. Lau is demed to be interested in the same number of Shares in

which Ms. Chan is interested.

Note 3: The Company was directly owned as to 32.92% by Great Club House

Holdings Limited (“Great Club House”). By virtue of her 100%

shareholding in Great Club House, Ms. Chan is demed to be interested in

the same number of Shares held by Great Club House.

Note 4: Ms. Chan is the spouse of Mr. Lau. Under the SFO, Ms. Chan is demed to

be interested in the same number of Shares in which Mr. Lau is interested.

DIRECTORS’ REPORT

董事会报告

亚积邦租赁控股有限公司 / 2025年报43

董事于股份、相关股份及债权证中的权

益及淡仓（续）

除上文所披露者外及据董事所深知，于2025年3

月31日，本公司董事或主要行政人员概无于本公

司或其相联法团（定义见证券及期货条例第XV部）

的股份、相关股份或债权证中，拥有根据证券及

期货条例第XV部第7及8分部须知会本公司及联

交所的权益或淡仓（包括根据证券及期货条例的

该等条文视为或当作拥有的权益或淡仓），或根

据证券及期货条例第352条须登记于该条所述登

记册或根据标准守则须知会本公司及联交所的权

益或淡仓。

主要股东于股份及相关股份中的权益及

淡仓

于2025年3月31日，据董事所知，以下人士（本

公司董事或最高行政人员除外）直接或间接于本

公司股份及相关股份中拥有根据证券及期货条例

第XV部第2及3分部条文须作出披露或根据证券

及期货条例第336条须记入该条所述登记册的5%

或以上的股份权益或淡仓如下：

附注1：其由刘邦成先生直接全资拥有。其为持有本

公司363,528,000股份的控股东。

附注2：其由陈洁梅女士直接全资拥有。其为持有本

公司284,471,352股份的控股东。

附注3：其为持有本公司64,800,648股份的股东。

DIRECTORS’ INTERESTS AND SHORT POSITIONS IN

SHARES, UNDERLYING SHARES AND DEBENTURES

(Continued)

Save as disclosed above, to the best knowledge of the Directors, as at 31

March 2025, none of the Directors or chief executives of the Company

had any interests or short positions in the Shares, underlying Shares or

debentures of the Company or its asociated corporations (within the

meaning of Part XV of the SFO) which were required to be notified to the

Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV

of the SFO (including interests or short positions which they were taken or

demed to have under such provisions of the SFO) or which were required,

pursuant to Section 352 of the SFO, to be entered in the register refered

to therein, or which were required to be notified to the Company and the

Stock Exchange pursuant to the Model Code.

SUBSTANTIAL SHAREHOLDERS’ INTERESTS AND SHORT

POSITIONS IN SHARES AND UNDERLYING SHARES

As at 31 March 2025, so far as the Directors are aware, the folowing persons

(other than the directors or chief executive of the Company) were, directly

or indirectly, interested in 5% or more of the shares or short positions in the

shares and the underlying shares of the Company, which are required to

be disclosed under provisions of Divisions 2 and 3 of Part XV of the SFO, or

which wil be required, pursuant to Section 336 of the SFO, to be entered

in the register refered to therein, were as folows:

Name of ShareholdersNature of Interest

Total Number

of Shares Held

Aproximate

Percentage of

the Isued

Share Capital

股东名称权益性质所持股份总数

占已发行股本

概约百分比

New Club House

(Note 1)Beneficial interest 363,528,000 (L)42.08%

New Club House

（附注1）实益权益

Great Club House

(Note 2)Beneficial interest284,471,352 (L)32.92%

Great Club House

（附注2）实益权益

Kanamoto Japan

(Note 3)Beneficial interest64,800,648 (L)7.50%

金本日本

（附注3）实益权益

Note 1: It is directly wholy-owned by Mr. Lau Pong Sing. It is a controling

shareholder holding 363,528,000 shares of the Company.

Note 2: It is directly wholy-owned by Ms. Chan Kit Mui, Lina. It is a controling

shareholder holding 284,471,352 shares of the Company.

Note 3: It is a shareholder holding 64,800,648 shares of the Company.

DIRECTORS’ REPORT

董事会报告

AP Rentals Holdings Limited / Anual Report 202544

主要股东于股份及相关股份中的权益及

淡仓（续）

(L)：好仓

「New Club House」：New Club House International

Holdings Limited，于2015年6月8日在英属处女群

岛注册成立的有限责任公司。

「Great Club House」：Great Club House Holdings

Limited，于2015年6月8日在英属处女群岛注册

成立的有限责任公司。

「金本日本」：Kanamoto Co., Ltd.*（株式会社カナ

モト），于1937年9月24日在日本注册成立的公司。

除上文所披露者外，于2025年3月31日，董事并

不知悉任何其他公司或个人（本公司董事或行政

总裁除外）于本公司股份或相关股份中拥有权益

或淡仓而须记录于根据证券及期货条例第336条

存置的权益登记册内。

获准弥偿条文

本公司组织章程细则第164条规定（其中包括）董

事、秘书及本公司于任何时候的其他高级职员（不

论现时或过去）可就因履行其职务时作出、发生

的任何作为或不作为招致的所有诉讼、成本、收

费、损失、损害及开支从本公司的资产及溢利获

得弥偿及获担保免受损害。本公司已为董事及高

级职员投设适当责任保险。

管理层合约

于本年度并无订立或存在涉及本公司全部或任何

重大部分业务的管理及行政的合约。

股权挂钩协议

除本年报所载购股权计划外，于截至2025年3月

31日止年度，本集团并无订立或存续任何股权挂

钩协议。

SUBSTANTIAL SHAREHOLDERS’ INTERESTS AND SHORT

POSITIONS IN SHARES AND UNDERLYING SHARES

(Continued)

(L): Long position

“New Club House”: New Club House International Holdings Limited, a

company incorporated in the British Virgin Islands with limited liability on 8

June 2015.

“Great Club House”: Great Club House Holdings Limited, a company

incorporated in the British Virgin Islands with limited liability on 8 June 2015.

“Kanamoto Japan”: Kanamoto Co., Ltd.* (株式会社カナモト), a company

incorporated in Japan on 24 September 1937.

Save as disclosed above, as at 31 March 2025, the Directors were not aware

of any other corporation or individual (other than the Directors or chief

executives of the Company) who had an interest or a short position in the

Shares or underlying Shares of the Company as recorded in the register of

interests required to be kept pursuant to Section 336 of the SFO.

PERMITED INDEMNITY PROVISION

Article 164 of the Articles of Asociation of the Company provides, among

other things, that the Directors, Secretary and other oficers of the Company

at any time, whether at present or in the past, shal be indemnified and

secured harmles out of the asets and profits of the Company from and

against al actions, costs, charges, loses, damages and expenses as a result

of any act done, concured in or omited in or about the execution of their

duty. The Company has aranged apropriate Directors and oficers liability

insurance.

MANAGEMENT CONTRACTS

No contracts concerning the management and administration of the

whole or any substantial part of the busines of the Company were entered

into or existed during the year.

EQUITY-LINKED AGREMENTS

Save for the Share Option Scheme as set out in this anual report, no

equity-linked agrements were entered into by the Group, or subsisted

during the year ended 31 March 2025.

For identification purposes only

仅供识别

DIRECTORS’ REPORT

董事会报告

亚积邦租赁控股有限公司 / 2025年报45

董事收购股份或债权证的权利

除上文「购股权计划」一节披露者外，于本年度

任何时间，本公司、其控股公司或其任何附属公

司概无订立任何安排，使董事得以透过收购本公

司或任何其他法人团体的股份或债权证获利。除

本报告披露者外，本年度概无董事或任何彼等的

配偶或18岁以下的子女获授任何权利以认购本公

司或其附属公司股份或债权证或已行使任何该等

权利。

董事于竞争业务的权益

于2025年3月31日，董事概不知悉彼等及彼等各

自的联系人的任何业务或权益对本集团业务造成

竞争或可能造成竞争，或任何该等人士与本集团

存在或可能存在任何其他利益冲突。

薪酬政策

于2025年3月31日，本集团聘用合共129名雇员

（于2024年3月31日：133名雇员）。截至2024年3

月31日止年度，本集团的员工成本约为62.8百万

港元（2024年财政年度：约61.2百万港元）。

董事会按本集团雇员的表现、资格、能力及工作

性质制定其薪酬政策。

董事薪酬由薪酬委员会提出建议，并由董事会经

考虑本集团经营业绩、个人表现及与市况比较后

决定。本公司已采纳购股权计划，作为对合资格

雇员的奖励。

退休计划

本集团已为其香港雇员设立强制性公积金计划

（「强积金计划」）。该计划的资产以独立受托人监

管的基金形式分开持有。于损益扣除的退休福利

计划供款为本集团按各雇员以每月30,000港元为

上限的有关每月收入5%已付或应付该计划的供

款。

DIRECTORS’ RIGHTS TO ACQUIRE SHARES OR

DEBENTURES

Other than the section headed “Share Option Scheme” disclosed above,

at no time during the year, the Company, its holding company or any

of its subsidiaries was a party to any arangements which would enable

the Directors to acquire benefits by means of the acquisition of shares

in, or debentures of, the Company or any other body corporate. Save as

disclosed in this report, none of the Directors or any of their spouses or

children under the age of 18 was granted any right to subscribe for the

shares or debentures of the Company or its subsidiaries or had exercised

any such right during the year.

DIRECTORS’ INTERESTS IN COMPETING BUSINES

As at 31 March 2025, the Directors were not aware of any busines or

interest of the Directors and their respective asociates that had competed

or might compete with the busines of the Group and any other conflicts

of interests which any such person had or might have with the Group.

REMUNERATION POLICY

As at 31 March 2025, the Group employed a total of 129 employes (as

at 31 March 2024: 133 employes). For the year ended 31 March 2024,

the staf costs of the Group amounted to aproximately HK$62.8 milion

(FY2024: aproximately HK$61.2 milion).

The remuneration policy of the employes of the Group is set up by the

Board on the basis of their performance, qualifications, competence and

job nature.

The remuneration of the Directors are recomended by the Remuneration

Comite and are decided by the Board, having regard to the Group’s

operating results, individual performance and comparing with market

conditions. The Company has adopted the Share Option Scheme as an

incentive to eligible employes.

RETIREMENT SCHEME

The Group has established a Mandatory Provident Fund Scheme (the “MPF

Scheme”) for its Hong Kong employes. The asets of the scheme are held

separately in funds which are under the control of independent trustes.

The retirement benefit scheme contributions charged to profit or los

represent contributions paid or payable by the Group to the scheme at 5%

of each of the employes’ monthly relevant income caped at HK$30,000

per month.

DIRECTORS’ REPORT

董事会报告

AP Rentals Holdings Limited / Anual Report 202546

退休计划（续）

本年度于溢利扣除的总成本约为1,730,000港

元（2024年财政年度：约1,838,000港元），包括

董事酬金及其他员工成本分别约54,000港元及

1,676,000港元（2024年财政年度：约36,000港元

及1,802,000港元），相当于本集团就当前会计期

间已付或应付的计划供款。截至报告期末，并无

没收的供款可供减低未来供款责任。

公众持股量充足

根据本公司可获取的公开资料及就董事所知悉，

于本年报日期，上市规则所规定的本公司已发行

股本总额至少25%由公众人士持有。

确认独立性

本公司已接获各独立非执行董事根据上市规则第

3.13条就其独立性所发出的年度确认函，并认为

所有独立非执行董事均属独立人士。

董事╱控股东于重大合约的权益

除本年报披露者外，于2025年3月31日或于本年

度，概无存续任何由本公司或其任何附属公司订

立且任何董事或与董事有关连的实体于当中直接

或间接拥有重大权益的重大交易、安排或合约。

除本年报披露者外，于截至2025年3月31日止年

度，本公司或其任何附属公司与控股东概无订

立任何重大合约。

RETIREMENT SCHEME (Continued)

The total costs charged to profit for the year of aproximately HK$1,730,000

(FY2024: aproximately HK$1,838,000), comprised aproximately

HK$54,000 and HK$1,676,000 (FY2024: aproximately HK$36,000 and

HK$1,802,000) in directors’ emoluments and other staf costs respectively,

and represented contributions paid or payable to the schemes by the

Group in respect of the curent acounting period. At the end of the

reporting period, there were no forfeited contributions available to reduce

future obligations.

SUFICIENCY OF PUBLIC FLOAT

Based on the information that is publicly available to the Company and

within the knowledge of the Directors as at the date of this anual report,

at least 25% of the Company’s total isued share capital is held by the

public as required under the Listing Rules.

CONFIRMATION OF INDEPENDENCE

The Company has received from each of the independent non-executive

Directors an anual confirmation of independence pursuant to Rule 3.13

of the Listing Rules and considers al the independent non-executive

Directors to be independent.

DIRECTORS’/CONTROLING SHAREHOLDERS’

INTERESTS IN CONTRACTS OF SIGNIFICANCE

Save as disclosed in this anual report, no transaction, arangement or

contract of significance to which the Company or any of its subsidiaries

was a party and in which any Director or an entity conected with the

Director had a material interest, whether directly or indirectly, subsisted as

at 31 March 2025 or during the year.

Save as disclosed in this anual report, no contract of significance has

ben entered into betwen the Company or any of its subsidiaries and the

Controling Shareholders during the year ended 31 March 2025.

DIRECTORS’ REPORT

董事会报告

亚积邦租赁控股有限公司 / 2025年报47

首次公开发售所得款项净额用途

本公司股份自2016年4月8日起在联交所主板上

市。本公司首次公开发售所得款项净额（扣除包

销费及相关开支后）约为81.8百万港元。于2024

年6月26日，由于本公司预期本集团需要额外时

间进行规划及落实改善本集团设备保养改善设

施，董事会批准将动用未动用所得款项净额以改

善本集团设备保养改善设施的预期时间表延长至

2025年3月31日。下表载列于2025年3月31日的

首次公开发售所得款项使用情况及动用未动用所

得款项净额的预期时间表：

于2025年3月31日尚未动用的首次公开发售所得

款项净额约62,000港元已于2025年6月11日前动用。

于本报告日期，首次公开发售所得款项净额的未

动用款项已按招股章程所述一致的方式应用。

USE OF NET PROCEDS FROM IPO

The Company’s shares have ben listed on the Main Board of the

Stock Exchange since 8 April 2016. The net proceds from IPO of the

Company (after deducting underwriting fe and relevant expenses) were

aproximately HK$81.8 milion. On 26 June 2024, the Board aproved

the extension of the expected timeline to 31 March 2025 for utilising the

unutilised net proceds for the improvement of facility for maintenance of

the Group’s equipment since the Company expected that aditional time

was required for the Group for planing and implementation to improve

its facility for maintenance of the Group’s equipment. The folowing table

sets forth the status of the use of proceds from IPO as at 31 March 2025

and the expected timeline for utilising the unutilised net proceds:

Net proceds

from IPO

Utilised

up to

31 March

Unutilised

as at

31 March

Expected

timeline for

utilising the

unutilised

net proceds

首次公开发售

所得款项净额

直至2025年

3月31日止

已动用款项

于2025年

3月31日

未动用款项

动用未动用

所得款项净额的

预期时间表

HK$’000HK$’000HK$’000

千港元千港元千港元

Investment in rental equipment出租设备投资58,24258,242–

Development of GPS equipment

monitoring system

发展全球卫星

定位设备监察

系统

8,5078,507–

Investment in transportation

equipment

运输设备投资5,8085,808–

Improvement of facility

for maintenance of the

Group’s equipment

就本集团设备

保养改善设施

3,5173,45562By the end of

31 March 2025

于2025年3月31日

结束前

General working capital一般营运资金5,7265,726–

81,80081,73862

The unutilised net proceds from IPO as at 31 March 2025 in the amount of

aproximately HK$62,000 has ben utilised by 11 June 2025.

The unutilised amounts of the net proceds from IPO have ben aplied

such maner consistent with that mentioned in the Prospectus as at the

date of this report.

DIRECTORS’ REPORT

董事会报告

AP Rentals Holdings Limited / Anual Report 202548

报告期后事项

于2025年5月，本公司间接全资附属公司APR

向汇丰人寿保险（国际）有限公司购买关键

人物保险，受保人为APR雇员兼本公司执行董

事刘子锋先生，保额为2.5百万美元，单一保费

约为0.5百万美元，APR为关键人物保险的投保

人。根据融资函件所述，关键人物保险已抵押

予汇丰，以向APR及亚积邦电力有限公司提供

35.0百万港元的财务融资。融资函件已于2025年

4月30日获本公司董事会批准。

除所披露者外，于2025年3月31日后及直至本年

报日期，本公司或本集团并无进行重大期后事项。

关联方交易

于日常业务过程中进行的重大关联方交易概要载

于综合财务报表附注35。

除本年报所披露者外，综合财务报表附注35所

载的关联方交易概无构成关连交易╱持续关连交

易，或已构成关连交易╱持续关连交易但获豁免

遵守上市规则要求的所有披露及独立股东批准规

定。

EVENTS AFTER THE REPORTING PERIOD

In May 2025, APR, an indirect wholy-owned subsidiary of the Company,

has bought the Keyman Policy from HSBC Life (International) Limited, with

the insured being Mr. Lau Tsz Fung, an employe of APR and an executive

director of the Company, for a sum insured of USD2.5 milion with a single

premium of aproximately USD0.5 milion, with APR being the policyholder

of the Keyman Policy. The Keyman Policy is to be pledged with HSBC for

the provision of financial facility amounting to HK$35.0 milion to APR and

AP Power Limited as stated in the Facility Leter. The Facility Leter was

aproved by the board of directors of the Company on 30 April 2025.

Save as disclosed, there is no material subsequent event undertaken by the

Company or by the Group after 31 March 2025 and up to the date of this

anual report.

RELATED PARTY TRANSACTIONS

A sumary of the significant related party transactions which were

conducted in the ordinary course of busines are set out in Note 35 to the

consolidated financial statements.

Save as disclosed in this anual report, none of the related party

transactions set out in Note 35 to the consolidated financial statements

constituted conected transactions/continuing conected transactions,

or they constituted conected transactions/continuing conected

transactions but were exempted from al disclosure and independent

Shareholders’ aproval requirements under the Listing Rules.

DIRECTORS’ REPORT

董事会报告

亚积邦租赁控股有限公司 / 2025年报49

股息

董事会建议派付截至2025年3月31日止年度的末

期股息每股0.70港仙（截至2024年3月31日止年度：

0.60港仙）。倘建议于本公司应届股东周年大会上

获股东批准，则末期股息将派发予于2025年9月

5日名列本公司股东名册的本公司股东。预期末

期股息将于2025年9月16日或前后派付。连同中

期股息每股0.16港仙，全年股息为每股0.86港仙

（2024年财政年度全年股息 — 每股0.60港仙）。

股息政策

于2019年1月29日，股息政策已获董事会批准，

详情载列如下。

在本集团有盈利且不影响本集团的正常营运的前

提下，本公司可考虑向股东宣派及派付股息。

在决定是否建议派付股息及厘定股息金额时，董

事会应考虑各种因素，包括但不限于(i)本集团的

现金流量，是否足以让本集团经营日常运作；(i)

本集团的资本要求；(i)本集团的经营业绩及表

现；(iv)本集团的债务；(v)经济前景；(vi)本集团

任何已签署金融契约的遵守情况；及(vi)本集团

的未来前景以及股东的利益。

本公司宣派及派付股息亦须遵守开曼群岛法例、

本公司组织章程大纲及细则以及任何适用法律、

规则及法规（包括但不限于上市规则）。

为免生疑问，概不能保证于任何特定期间内会建

议派付或宣派股息。

DIVIDEND

The Board recomends the payment of a final dividend of HK0.70 cent

(for the year ended 31 March 2024: HK0.60 cent) per share for the year

ended 31 March 2025. The final dividend wil be paid to the shareholders

of the Company whose names apear on the register of members of

the Company as at 5 September 2025, if the proposal is aproved by

the shareholders at the forthcoming anual general meting of the

Company. It is expected that the final dividend wil be paid on or around

16 September 2025. Combined with the interim dividend of HK0.16 cent

per share, the ful year dividend amounts to HK0.86 cent per share (FY2024

ful year dividend — HK0.60 cent per share).

DIVIDEND POLICY

On 29 January 2019, the dividend policy was aproved by the Board with

details as set out below.

Provided that the Group is profitable and without afecting the normal

operations of the Group, the Company may consider to declare and pay

dividends to the Shareholders.

In deciding whether to propose a dividend and in determining the

dividend amount, the Board shal take into acount various factors

including but not limited to, (i) the cashflow of the Group, whether

it is adequate for the Group to operate its daily operation; (i) capital

requirements of the Group; (i) operating results and performance of the

Group; (iv) the indebtednes of the Group; (v) the economic outlok; (vi)

the compliance of any signed financial covenants of the Group; and (vi) the

future prospects of the Group, as wel as the interests of the Shareholders.

Declaration and payment of dividend by the Company are also subject

to the laws of the Cayman Islands, the memorandum and articles of

asociation of the Company and any aplicable laws, rules and regulations

(including but not limited to the Listing Rules).

For the avoidance of doubt, there can be no asurance that a dividend wil

be proposed or declared in any specific period.

DIRECTORS’ REPORT

董事会报告

AP Rentals Holdings Limited / Anual Report 202550

CLOSURE OF REGISTER OF MEMBERS

For determining the entitlement to atend and vote at the AGM of the

Company to be held on 28 August 2025, the register of members of the

Company wil be closed from 25 August 2025 to 28 August 2025 (both

days inclusive), during which period no transfer of shares of the Company

wil be registered. In order to be eligible to atend and vote at the AGM,

al transfer documents acompanied by the relevant share certificates

must be lodged with the Company’s registrar, Computershare Hong Kong

Investor Services Limited, at Shops 1712–1716, 17th Flor, Hopewel Centre

183 Quen’s Road East, Wan Chai, Hong Kong, for registration no later than

4:30 p.m. on 22 August 2025.

For ascertaining shareholders’ entitlement to the proposed final dividend,

the register of members of the Company wil be closed from 3 September

2025 to 5 September 2025 (both days inclusive), during which period no

transfer of shares of the Company wil be registered. In order to be eligible

for the proposed final dividend, al transfer forms acompanied by the

relevant share certificates must be lodged with the Company’s registrar,

Computershare Hong Kong Investor Services Limited, at Shops 1712–1716,

17th Flor, Hopewel Centre 183 Quen’s Road East, Wan Chai, Hong Kong,

for registration no later than 4:30 p.m. on 2 September 2025.

AUDITORS

The consolidated financial statements for the year ended 31 March 2025

have ben audited by Mesrs. Deloite Touche Tohmatsu who wil retire

and, being eligible, ofer themselves for re-apointment. A resolution for

the re-apointment of Mesrs. Deloite Touche Tohmatsu as auditors of the

Company is to be proposed at the 2025 AGM.

TAX RELIEF AND EXEMPTION OF HOLDERS OF LISTED

SECURITIES

The Company is not aware of any tax relief or exemption available to the

Shareholders by reason of their holding of the Company’s securities.

By order of the Board

LAU Pong Sing

Chairman and Executive Director

Hong Kong, 26 June 2025

暂停办理股份过户登记手续

为厘定有权出席将于2025年8月28日举行的本公

司股东周年大会并于会上投票的资格，本公司将

于2025年8月25日至2025年8月28日（包括首尾

两日）暂停办理股份过户登记手续，期间不会进

行任何本公司股份过户登记。为符合资格出席股

东周年大会并于会上投票，所有过户文件连同有

关股票须于2025年8月22日下午四时三十分前送

达本公司的股份过户登记处香港中央证券登记有

限公司，地址为香港湾仔皇后大道东183号合和

中心17楼1712至1716号舖，以办理登记手续。

为确定股东享有建议末期股息的权利，本公司将

于2025年9月3日至2025年9月5日（包括首尾两日）

暂停办理股份过户登记手续，期间不会进行任何

本公司股份过户登记。为符合资格享有建议末期

股息，所有过户表格连同有关股票须于2025年9

月2日下午四时三十分前送达本公司的股份过户

登记处香港中央证券登记有限公司，地址为香港

湾仔皇后大道东183号合和中心17楼1712至1716

号舖，以办理登记手续。

核数师

截至2025年3月31日止年度的综合财务报表已

由德勤•关黄陈方会计师行审核，该核数师将退

任，惟符合资格并愿意接受续聘。于2025年股东

周年大会上将提呈决议案，以续聘德勤•关黄陈

方会计师行为本公司核数师。

对上市证券持有人的税务宽减及减免

本公司并不知悉任何因持有本公司证券而提供予

股东的税务宽减或减免。

承董事会命

刘邦成

主席兼执行董事

香港，2025年6月26日

CORPORATE GOVERNANCE REPORT

企业管治报告

亚积邦租赁控股有限公司 / 2025年报

The Board is pleased to present the corporate governance report of the

Company for the year ended 31 March 2025.

The Company’s culture

Purpose and Values

The Group is built on profesionalism and continuous inovation. The

diferences it makes for its clients and its comunities come down to its

core values: integrity, excelence, colaboration, and evolution.

The Group has always ben a trailblazer since establishment. Having

prioritised sustainability and workplace safety in al aspects of its busines

operations, it strives to be at the forefront of advanced technological

aplications in the industry and ofer cost-efective solutions to kep up

with the dynamic neds of its customers. Riding the wave of sustainability,

the Group is the pioner in Hong Kong to introduce data-driven solutions

for carbon reduction and energy eficiency to its clients. With its exemplary

quality of services and profound industry expertise, it has ben entrusted

by governmental bodies and other market practitioners for long-term

advice on some of the most intricate projects. Together, the Group grows

hand in hand with its stakeholders.

Vision

To be a pionering equipment services provider that transcends with

excelence and advanced technologies to busineses and individuals

worldwide.

Mision

To be a socialy responsible corporate that brings value-for-money and

pragmatic one-stop solutions to customers and comunities through

inovation and quality services.

董事会欣然提呈本公司截至2025年3月31日止年

度的企业管治报告。

本公司文化

宗旨及价值观

本集团建基于专业精神及持续创新。对于客户及

社区，其区别在于核心价值观：诚信、卓越、合

作及进化。

自成立以来，本集团一直是开拓者。本集团在业

务营运的各方面均以可持续发展及工作场所安全

为优先，致力成为业内先进技术应用的最前线，

并提供具成本效益的解决方案，以紧贴客户持续

变化的需求。乘著可持续发展的浪潮，本集团是

香港的先驱，为客户引入以数据驱动的减碳及能

源效益解决方案。凭借卓越的服务质素及深厚的

行业专业知识，本集团一直受政府机构及其他市

场从业者委托就部分最复杂的项目提供长期意

见。本集团与持份者携手成长。

愿景

成为向全球企业及个人提供卓越及先进技术的领

先设备服务供应商。

使命

成为对社会负责的企业，透过创新及优质服务为

客户及社区带来物有所值及务实的一站式解决方

案。

CORPORATE GOVERNANCE REPORT

企业管治报告

AP Rentals Holdings Limited / Anual Report 2025

企业管治常规

本公司深明企业透明度及问责制度的重要性。本

公司于致力达致高水平的企业管治同时，亦透过

有效的企业管治程序带领本集团取得更好的业绩

及提升企业形象。

于截至2025年3月31日止年度，本公司已委聘国

际顾问公司（「顾问」）检讨及建议适当的措施，以

确保本公司于内部监控评估、企业风险管理及企

业管治顾问服务方面符合香港联合交易所有限公

司证券上市规则（「上市规则」）的规定。顾问已审

阅本公司2025年财政年度的内部监控、企业风险

管理及企业管治常规，而本公司持续参照顾问的

建议改善其内部监控、企业风险管理及企业管治

常规。此外，本公司已采纳其企业管治常规，该

企业管治常规乃取自上市规则附录C1所载的企业

管治守则及企业管治报告的守则条文。

截至2025年3月31日止年度，本公司已遵守上市

规则附录C1所载的企业管治守则（「企业管治守

则」）的守则条文，惟偏离守则条文第C.2.1条之规

定除外。

企业管治守则的守则条文第C.2.1条规定，主席及

行政总裁的职位应分开及不应由同一人士担任。

本公司主席及行政总裁的角色均由刘邦成先生兼

任。董事会相信，由同一人士兼任主席及行政总

裁的角色可强势及贯彻领导本公司，以及有效运

用资源，并容许有效地计划、制订及推行本公司

的业务策略，使本公司能继续有效率地发展业务。

CORPORATE GOVERNANCE PRACTICES

The Company recognises the importance of corporate transparency and

acountability. The Company is comited to achieving a high standard

of corporate governance and leading the Group to atain beter results

and improve its corporate image with efective corporate governance

procedures.

During the year ended 31 March 2025, the Company has engaged an

international consulting firm (the “Consultant”) to review and recomend

apropriate actions so as to ensure that the Company is complying with

the requirements of the Rules Governing the Listing of Securities on The

Stock Exchange of Hong Kong Limited (the “Listing Rules”) in relation to

internal controls asesment, enterprise risk management and corporate

governance advising services. A review on the Company’s internal controls,

enterprise risk management and corporate governance practices were

conducted by the Consultant for FY2025, and the Company has ben

improving its internal controls, enterprise risk management and corporate

governance practices continuously with reference to the Consultant’s

recomendations. Moreover, the Company has adopted its corporate

governance practices which are reproduced from the code provisions in

the Corporate Governance Code and Corporate Governance Report as set

out in Apendix C1 of the Listing Rules.

During the year ended 31 March 2025, the Company has complied with the

code provisions of the Corporate Governance Code as set out in Apendix

C1 to the Listing Rules (“CG Code”), save and except for the deviation from

code provision C.2.1.

Code provision C.2.1 of the CG Code stipulates that the roles of chairman

and chief executive should be separate and should not be performed by

the same individual. The roles of chairman and chief executive oficer of the

Company are both performed by Mr. Lau Pong Sing. The Board believes

that vesting of the roles of both chairman and chief executive oficer in

the same individual provides the Company with strong and consistent

leadership, eficient usage of resources and alows for efective planing,

formulation and implementation of the Company’s busines strategies

which wil enable the Company to sustain the development of its busines

eficiently.

CORPORATE GOVERNANCE REPORT

企业管治报告

亚积邦租赁控股有限公司 / 2025年报

举报政策

董事会于2016年采纳举报政策（「举报政策」）。举

报政策旨在(i)在本集团内营造合规、道德行为及

良好企业管治的文化；及(i)提倡道德行为的重要

性，并鼓励举报不当行为、非法及不道德行为。

根据举报政策接获的投诉性质、状况及结果会向

审核委员会报告。截至2025年3月31日止年度，

概无发现对本集团的财务报表或整体营运有重大

影响的欺诈或不当行为事件。

审核委员会定期检讨及更新举报政策，以确保其

有效性。

反贪污政策

董事会于2022年12月30日采纳反贪污政策（「反

贪污政策」）。本集团致力在开展业务时达致最高

标准的诚信及道德行为。反贪污政策构成本集团

企业管治框架的一部分。反贪污政策载列本集团

人员及业务伙伴必须遵守以打击贪污的特定行为

指引，证明本集团对道德商业行为实践的承诺，

并遵守适用于其本地及海外业务的反贪污法律

及法规。为贯彻此承诺及确保本集团常规的透明

度，本集团已制定反贪污政策，作为本集团全体

雇员及与本集团有往来的第三方的指引。

本集团会定期检讨及更新反贪污政策，以符合适

用法律法规及行业最佳常规。

遵守证券交易标准守则

本公司已采纳上市规则附录C3所载的「上市发行

人董事进行证券交易的标准守则」（「标准守则」）

作为本公司董事进行证券交易的行为守则。本公

司已就有否违反标准守则向本公司全体董事作出

具体查询。本公司全体董事均确认，彼等于2025

年财政年度遵守标准守则所订的标准。

Whistleblowing Policy

The Board adopted a whistleblowing policy (the “Whistleblowing

Policy”) in 2016. The purpose of the Whistleblowing Policy is to (i) foster a

culture of compliance, ethical behaviour and god corporate governance

acros the Group; and (i) promote the importance of ethical behaviour and

encourages the reporting of misconduct, unlawful and unethical behavior.

The nature, status and the results of the complaints received under the

Whistleblowing Policy are reported to the Audit Comite. No incident

of fraud or misconduct that have a material efect on the Group’s financial

statements or overal operations for the year ended 31 March 2025 has

ben discovered.

The Whistleblowing Policy is reviewed and updated periodicaly by the

Audit Comite to ensure its efectivenes.

Anti-coruption Policy

The Board adopted an anti-coruption policy (the “Anti-coruption

Policy”) on 30 December 2022. The Group is comited to achieving

the highest standards of integrity and ethical behaviour in conducting

busines. The Anti-coruption Policy forms an integral part of the Group’s

corporate governance framework. The Anti-coruption Policy sets out

the specific behavioural guidelines that the Group’s personel and

busines partners must folow to combat coruption. It demonstrates the

Group’s comitment to the practice of ethical busines conduct and the

compliance of the anti-coruption laws and regulations that aply to its

local and foreign operations. In line with this comitment and to ensure

transparency in the Group’s practices, the Anti-coruption Policy has ben

prepared as a guide to al employes of the Group and third parties dealing

with the Group.

The Anti-coruption Policy is reviewed and updated periodicaly to align

with the aplicable laws and regulations as wel as the industry best

practice.

COMPLIANCE WITH THE MODEL CODE FOR SECURITIES

TRANSACTIONS

The Company has adopted the Model Code for Securities Transactions

by Directors of Listed Isuers (the “Model Code”) set out in Apendix

C3 to the Listing Rules as its own code of conduct regarding securities

transactions by the directors of the Company. The Company has made

specific enquiries to al directors of the Company regarding any non-

compliance with the Model Code. Al the directors of the Company

confirmed that they have complied with the required standard set out in

the Model Code in FY2025.

CORPORATE GOVERNANCE REPORT

企业管治报告

AP Rentals Holdings Limited / Anual Report 2025

董事会的职责

董事会负责督察及监督本集团的业务管理及整

体表现，并共同负责通过指示及监督本集团事务

以促进本集团成功。董事会专注于制定本集团整

体策略、批准发展计划及预算；监控财务及营运

表现；检讨内部监控系统的成效；监督及管理本

集团的管理层表现；及设立本集团的价值观及标

准。董事会向管理层授权本集团的日常管理、行

政及营运。董事会定期检讨所赋予职能，以确保

其符合本集团的需要。

董事会的组成

董事会现时由三名执行董事、一名非执行董事

（「非执行董事」）及三名独立非执行董事（「独立非

执行董事」）组成。由于共有三名独立非执行董事

及至少一名独立非执行董事具备合适的专业会计

资格及财务管理专业知识，故本公司已符合上市

规则第3.10条的规定。此外，本公司已符合上市

规则第3.10A条的规定。独立非执行董事的数目

占董事会三分之一以上，因此，董事会具高度独

立性，能有效作出独立判断。董事会由以下董事

组成：

执行董事

刘邦成先生（主席；行政总裁）

陈洁梅女士（营运总监）

刘子锋先生（亚积邦租赁有限公司的副总裁

（销售及营销）（于2024年4月1日获委任为

执行董事）

非执行董事

中泽友克先生

独立非执行董事

何钟泰博士工程师

萧泽宇先生

李炳志先生（自本公司于2024年8月28日举行的

股东周年大会结束时起退任）

林秀凤女士（自本公司于2024年8月28日举行的

股东周年大会结束时起获委任）

RESPONSIBILITIES OF THE BOARD

The Board is responsible for overseing and supervising the management

of the busines afairs and overal performance of the Group and is

colectively responsible for promoting the suces of the Group by directing

and supervising the Group’s afairs. The Board focuses on formulating

the Group’s overal strategies, authorizing the development plan and

budget; monitoring financial and operating performance; reviewing the

efectivenes of the internal control system; supervising and managing

management’s performance of the Group; and seting the Group’s

values and standards. The Board delegates the day-to-day management,

administration and operation of the Group to the management. The

delegated functions are reviewed by the Board periodicaly to ensure that

they acomodate the neds of the Group.

BOARD COMPOSITION

Curently, the Board comprises thre executive Directors, one non-

executive Director (the “NED”) and thre independent non-executive

Directors (the “INEDs”). Since there are thre independent non-executive

Directors and at least one of the INEDs poseses the apropriate

profesional acounting qualifications and financial management expertise,

the Company has complied with the requirements under Rule 3.10 of the

Listing Rules. Furthermore, the Company has complied with Rule 3.10A

of the Listing Rules. The number of INEDs represents more than one-third

of the Board. As such, there exists a strong independent element in the

Board, which can efectively exercise independent judgement. The Board

comprises the folowing Directors:

EXECUTIVE DIRECTORS

Mr. Lau Pong Sing (刘邦成) (Chairman; Chief Executive Oficer)

Ms. Chan Kit Mui, Lina (陈洁梅) (Chief Operating Oficer)

Mr. Lau Tsz Fung (刘子锋) (Vice president for sales and marketing of

AP Rentals Limited) (apointed as executive Director on 1 April 2024)

NON-EXECUTIVE DIRECTOR

Mr. Nakazawa Tomokatsu (中泽友克)

INDEPENDENT NON-EXECUTIVE DIRECTORS

Ir Dr. Ho Chung Tai, Raymond (何钟泰)

Mr. Siu Chak Yu (萧泽宇)

Mr. Li Ping Chi (李炳志) (retired with efect from the conclusion of

the anual general meting of the Company held on 28 August 2024)

Ms. Lam Sau Fung (林秀凤) (apointed with efect from the conclusion of

the anual general meting of the Company held on 28 August 2024)

CORPORATE GOVERNANCE REPORT

企业管治报告

亚积邦租赁控股有限公司 / 2025年报

主席兼执行董事刘邦成先生为执行董事陈洁梅

女士的配偶。执行董事刘子锋先生为刘邦成先生

及陈洁梅女士的儿子。执行董事（即刘邦成先生

及陈洁梅女士）透过彼等分别于New Club House

International Holdings Limited（「New Club House」）

及Great Club House Holdings Limited（「Great Club

House」）的权益于本公司股份中拥有权益（有关

详情，请参阅招股章程）。已识别实际或潜在冲

突情况，并已尽量减少有关情况。有关更多详

情，请参阅分别载于本年报第76至87页的「董事

及高级管理层」、第41至44页的「董事会报告 —

董事于股份、相关股份及债权证中的权益及淡仓」

以及第48页的「董事会报告 — 关联方交易」。除

上文披露者外，于本年报日期，董事之间并无其

他财务、商业、家族或其他重大╱相关系。

为防止管理层滥用职权，本公司已成立四个委员

会，即审核委员会、提名委员会、薪酬委员会及

风险管理委员会，以监察及监督主席及行政总裁

的活动。尤其是，审核委员会及薪酬委员会均由

独立非执行董事担任主席，以确保对本公司策略

及政策的发展进行客观及全面的监督。

董事会独立性

董事会已委任三名独立非执行董事，为董事会及

管理团队提供独立及客观的意见及监督，以提升

效率、透明度、问责性及稳健的决策。每名将予

委任的董事的背景于委任过程中进行评估。本公

司现有的管治框架及机制（包括甄选及委任标准

以及适当的薪酬待遇）有效地确保独立非执行董

事及非执行董事的独立观点及意见。

The Chairman and executive Director, Mr. Lau Pong Sing, is the spouse of

Ms. Chan Kit Mui, Lina, an executive Director. Mr. Lau Tsz Fung, who is an

executive Director, is the son of Mr. Lau Pong Sing and Ms. Chan Kit Mui,

Lina. The executive Directors, namely Mr. Lau Pong Sing and Ms. Chan Kit

Mui, Lina, are interested in the shares of the Company through their interest

in New Club House International Holdings Limited (“New Club House”)

and Great Club House Holdings Limited (“Great Club House”) respectively

(for details, please refer to the Prospectus). Instances of actual or potential

conflict have ben identified and minimised. Please refer to the “Directors

and Senior Management”, “Directors’ Report — Directors’ Interests

and Short Positions in Shares, Underlying Shares and Debentures”

and “Directors’ Report — Related Party Transactions” on pages 76

to 87, pages 41 to 44, page 48 in this anual report respectively for more

details. Save as disclosed above, the Directors have no other financial,

busines, family or other material/relevant relationships with one another

as at the date of this anual report.

To prevent management from abusing its power, the Company has

set up four comites, namely the Audit Comite, the Nomination

Comite, the Remuneration Comite, and the Risk Management

Comite, to monitor and supervise the activities of chairman and chief

executive oficer with scrutiny. In particular, the Audit Comite and the

Remuneration Comite are both chaired by INEDs to ensure objective

and thorough supervision over the development of Company’s strategy

and policies.

Board Independence

The Board has apointed thre INEDs to provide independent and

objective advice and oversight to the board and management team to

enhance efectivenes, transparency, acountability, and sound decision-

making. The background of each director to be apointed is evaluated

during the apointment proces. The Company’s existing governance

framework and mechanisms (including selection and apointment

criteria and apropriate remuneration packages) efectively ensure the

independent views and input of INEDs and NED.

CORPORATE GOVERNANCE REPORT

企业管治报告

AP Rentals Holdings Limited / Anual Report 2025

非执行董事及独立非执行董事

为促进本公司及其股东的最佳利益，来自不同业

务及专业背景的本公司非执行董事及独立非执行

董事已与董事会分享其宝贵经验。各非执行董事

及独立非执行董事的初步任期为三年，而其后须

按月继续任期，除非该董事与本公司以书面另有

协定或按照委任函条款终止则另作别论。彼等各

自亦须根据本公司的组织章程细则（「细则」）轮值

退任。

独立非执行董事的独立身分

本公司已接获各独立非执行董事根据上市规则规

定发出的确认函，确认其独立于本公司。按照上

市规则第3.13条所载相关指引，本公司认为全体

独立非执行董事均属独立人士。

董事的持续专业发展

各新委任董事均获提供所需入职简介、培训及资

料以确保其于委任前正确了解其于上市规则及适

用法律、规则及规例项下的责任。董事获鼓励参

与持续专业发展课程及研讨会以增进及重温其知

识及技能。本公司将继续安排及资助合适培训及

定期研讨会，为董事提供有关上市规则及其他相

关法律及监管规定不时的最新发展及变动的最新

资讯。

Non-executive Director and Independent non-executive

Directors

Coming from diverse busines and profesional backgrounds, the NED

and the INEDs of the Company have shared their valuable experiences

to the Board for promoting the best interests of the Company and its

shareholders. The apointment of each of the NED and the INEDs is for

an initial term of thre years and shal thereafter continue on a month

to month basis unles otherwise agred betwen the director and the

Company in writing or terminated in acordance with the terms of the

leter of apointment. Each of them is also subject to retirement by

rotation in acordance with the articles of asociation of the Company (the

“Articles”).

INDEPENDENCE OF INDEPENDENT

NON-EXECUTIVE DIRECTORS

The Company has received from each INED, a writen confirmation of his

independence to the Company pursuant to the requirements of the Listing

Rules. The Company considers al INEDs to be independent in acordance

with the relevant guidelines set out in Rule 3.13 of the Listing Rules.

DIRECTORS’ CONTINUING PROFESIONAL

DEVELOPMENT

Each newly apointed Director was provided with the necesary induction,

training and information to ensure that he/she has proper understanding

of his/her responsibilities under the Listing Rules and the aplicable laws,

rules and regulations prior to his/her apointment. The Directors are

encouraged to participate in continuous profesional development courses

and seminars to develop and refresh their knowledge and skils. The

Company wil continue to arange and fund suitable training and regular

seminars to provide Directors with updates on the latest developments

and changes in the Listing Rules and other relevant legal and regulatory

requirements from time to time.

CORPORATE GOVERNANCE REPORT

企业管治报告

亚积邦租赁控股有限公司 / 2025年报

于截至2025年3月31日止年度，全体董事均已出

席有关彼等作为本公司董事所承担职责的培训，

各董事出席记录载于下表：

During the year ended 31 March 2025, al Directors have atended training

in conection with their responsibilities as a director of the Company, and

the atendance of each of the Directors is set out in the table below:

Name of DirectorsAtendance

董事姓名出席

EXECUTIVE DIRECTORS执行董事

Mr. Lau Pong Sing (刘邦成)

(Chairman; Chief Executive Oficer)

刘邦成先生

（主席；行政总裁）

Ms. Chan Kit Mui, Lina (陈洁梅)

(Chief Operating Oficer)

陈洁梅女士

（营运总监）

Mr. Lau Tsz Fung (刘子锋) (Director)刘子锋先生（董事）

NON-EXECUTIVE DIRECTOR非执行董事

Mr. Nakazawa Tomokatsu (中泽友克)中泽友克先生

INDEPENDENT NON-EXECUTIVE DIRECTORS独立非执行董事

Ir Dr. Ho Chung Tai, Raymond (何钟泰)何钟泰博士工程师

Mr. Siu Chak Yu (萧泽宇)萧泽宇先生

Mr. Li Ping Chi (李炳志)

(retired with efect from the conclusion of the AGM

of the Company held on 28 August 2024)

李炳志先生

（自本公司于2024年8月28日

举行的股东周年大会

结束时起退任）

Ms. Lam Sau Fung (林秀凤)

(apointed with efect from the conclusion of the AGM

of the Company held on 28 August 2024)

林秀凤女士

（自本公司于2024年8月28日

举行的股东周年大会

结束时起获委任）

X Not atended Atended

X 未有出席已出席

CORPORATE GOVERNANCE REPORT

企业管治报告

AP Rentals Holdings Limited / Anual Report 2025

董事委任、重选及免职

于2019年4月，执行董事刘邦成先生（「刘先生」）

及陈洁梅女士（「陈女士」）各自与本公司订立服

务协议，该等协议并无固定任期，但可根据服务

协议的相应条款终止（包括由服务协议其中一方

发出三个月事先书面通知予以终止）。刘先生及

陈女士的基本董事酬金分别为每12个月2,808,000

港元及每12个月2,304,000港元。非执行董事中

泽友克先生与本公司已签订日期为2018年12月

14日的委任函，据此，其初步任期为三年，而其

后须按月继续任期，除非该董事与本公司以书面

另有协定或按照委任函条款终止则另作别论。根

据委任函，中泽友克先生无权收取任何酬金。此

外，独立非执行董事李炳志先生、萧泽宇先生及

何钟泰先生已各自与本公司签订日期为2019年4

月8日的委任函，据此，其初步任期为三年，而

其后须按月继续任期，除非该董事与本公司以书

面另有协定或按照委任函条款终止则另作别论。

萧泽宇先生及李炳志先生各自有权收取酬金每月

21,000港元。何钟泰先生有权收取酬金每月52,500

港元。

于2022年12月14日，董事会根据薪酬委员会的

建议，批准自2023年1月1日起刘先生及陈女士

各自的董事薪酬分别增加至每月242,550港元及每

月198,450港元，并批准刘先生及陈女士的酌情年

度花红分别为462,000港元及378,000港元。

于2023年3月22日，董事会根据薪酬委员会的

建议，批准增加独立非执行董事的董事薪酬，自

2023年4月1日起生效。萧泽宇先生及李炳志先

生各自有权收取每月22,050港元的薪酬。何钟泰

先生有权收取每月55,125港元的薪酬。

于2023年8月23日，董事会根据本公司薪酬委

员会的建议，批准将陈女士的董事薪酬由每月

198,450港元上调至每月238,450港元。增加酬金

的目的为补偿提供陈女士宿舍的损失。所提供房

屋福利包含在2019年4月与本公司签订的服务协

议中。

APOINTMENT, RE-ELECTION AND REMOVAL OF

DIRECTORS

In April 2019, each of Mr. Lau Pong Sing (“Mr. Lau”) and Ms. Chan Kit Mui,

Lina (“Ms. Chan”), who is an executive Director, has entered into a service

agrement with the Company with no fixed term but may be terminated

pursuant to the respective terms of the service agrement (including the

termination by 3 months’ prior notice in writing by either party to the service

agrement). The basic directors’ emoluments for Mr. Lau and Ms. Chan are

HK$2,808,000 for 12 months and HK$2,304,000 for 12 months, respectively.

Mr. Nakazawa Tomokatsu, a NED, entered into a leter of apointment dated

14 December 2018 with the Company, pursuant to which his apointment

would be for an initial term of thre years, and shal thereafter continue

on a month to month basis unles otherwise agred betwen the director

and the Company in writing or terminated in acordance with the terms of

the leter of apointment. Mr. Nakazawa Tomokatsu is not entitled to any

remuneration acording to the leter of apointment. In adition, each of

the INEDs, namely Mr. Li Ping Chi, Mr. Siu Chak Yu and Mr. Ho Chung Tai,

Raymond, has entered into a leter of apointment dated 8 April 2019 with

the Company, pursuant to which his apointment would be for an initial

term of thre years, and shal thereafter continue on a month to month basis

unles otherwise agred betwen the director and the Company in writing

or terminated in acordance with the terms of the leter of apointment.

Each of Mr. Siu Chak Yu and Mr. Li Ping Chi, is entitled to a remuneration in

the sum of HK$21,000 per month. Mr. Ho Chung Tai, Raymond, is entitled to

a remuneration in the sum of HK$52,500 per month.

On 14 December 2022, the Board, with the recomendation of the

remuneration comite, aproved the increase of the directors’

remuneration of each of Mr. Lau and Ms. Chan, to HK$242,550 per month

and HK$198,450 per month, respectively, starting from 1 January 2023

and aproved a discretionary anual bonus for Mr. Lau and Ms. Chan,

amounting to HK$462,000 and HK$378,000 respectively.

On 22 March 2023, the Board, with the recomendation of the

remuneration comite, aproved the increase of the directors’

remuneration of the INEDs with efect from 1 April 2023. Each of Mr. Siu

Chak Yu and Mr. Li Ping Chi, is entitled to a remuneration in the sum

of HK$22,050 per month. Mr. Ho Chung Tai, Raymond, is entitled to a

remuneration in the sum of HK$55,125 per month.

On 23 August 2023, the Board, with the recomendation of the

remuneration comite of the Company, aproved the increase of

the director’s remuneration of Ms. Chan from HK$198,450 per month to

HK$238,450 per month. Such increase was to compensate the los of the

provision of the quarter for Ms. Chan. The provision of housing benefits

was included in the service agrement entered into with the Company in

April 2019.

CORPORATE GOVERNANCE REPORT

企业管治报告

亚积邦租赁控股有限公司 / 2025年报

于2024年1月18日，董事会根据薪酬委员会的建

议，批准刘先生及陈女士的酌情年度花红分别为

242,550港元及238,450港元。

于2024年2月28日，董事会根据提名委员会的建

议（已考虑本公司董事提名政策所载的因素），

委任刘子锋先生（「刘子锋先生」）为本公司执行

董事，自2024年4月1日起生效。刘子锋先生与

本公司订立了一份服务协议，该协议并无固定

期限，但或会根据服务协议的条款终止，包括服

务协议任何一方至少3个月以书面向另一方通知

终止该协议。根据服务协议，刘子锋先生有权享

有：(i)每月薪金115,000港元；(i)每月房屋津贴

20,000港元；及(i)董事会根据本公司薪酬委员会

之建议可能厘定的酌情花红及其他福利。

刘子锋先生已于2024年2月1日取得我们的香港

法律顾问的近律师行所发出之意见函，(a)随函附

上一份备忘录，概述有关上市发行人及╱或其董

事的主要规定；及(b)列明为遵守上市规则第3.09D

条而向联交所作出虚假声明或提供虚假资料可

能引致的后果。彼亦获取并观看由的近律师行于

2024年1月31日制作的董事培训影片的详细资讯。

彼已向本公司确认，彼了解自己作为上市发行人

董事的义务。

于2025年1月20日，董事会根据薪酬委员会的建

议，批准(i)刘先生、陈女士及刘子锋先生各自的

酌情年度花红分别为242,550港元、238,450港元

及230,000港元；及(i)刘先生、陈女士及刘子锋

先生的月薪分别增加至每月248,650港元、244,450

港元及119,600港元。

自本公司于2024年8月28日举行的股东周年大会

结束时起，李炳志先生退任独立非执行董事，且

不再担任审核委员会主席以及薪酬委员会及提名

委员会成员。

林秀凤女士获委任为独立非执行董事、薪酬委员

会及提名委员会成员，以及审核委员会主席，自

本公司于2024年8月28日举行的股东周年大会结

束时起生效。

On 18 January 2024, the Board, with the recomendation of the

remuneration comite, aproved a discretionary anual bonus for Mr.

Lau and Ms. Chan, amounting to HK$242,550 and HK$238,450 respectively.

On 28 February 2024, the Board, with the recomendation of the

nomination comite (which has taken into acount the factors set out

in the director nomination policy of the Company), apointed Mr. Lau Tsz

Fung (“Mr. TF Lau”) as an executive Director of the Company with efect

from 1 April 2024. Mr. TF Lau has entered into a service agrement with the

Company with no fixed term but may be terminated pursuant to the terms

of the service agrement (including the termination by at least 3 months’

notice in writing by either party to the service agrement to the other

party). Mr. TF Lau is entitled to, under the service agrement: (i) a monthly

salary of HK$115,000; (i) housing alowance of HK$20,000 per month;

and (i) discretionary bonus and other benefits as may be determined by

the Board upon recomendation of the remuneration comite of the

Company.

Mr. TF Lau has obtained a leter of advice from Deacons, our legal advisers

as to Hong Kong law, on 1 February 2024, (a) enclosing therewith a

memorandum which gives an overview of the main requirements relating

to a listed isuer and/or its directors; and (b) seting out the posible

consequences of making a false declaration or giving false information

to the Stock Exchange for the purpose of complying with Rule 3.09D of

the Listing Rules. He has also obtained details for acesing and viewing a

directors training video prepared by Deacons on 31 January 2024. He has

confirmed to the Company that he understod his obligations as a director

of a listed isuer.

On 20 January 2025, the Board, with the recomendation of the

remuneration comite, aproved (i) a discretionary anual bonus for

each of Mr. Lau, Ms. Chan and Mr. TF Lau, amounting to HK$242,550,

HK$238,450 and HK$230,000 respectively; and (i) the increase of the

monthly salary of Mr. Lau, Ms. Chan and Mr. TF Lau to HK$248,650,

HK$244,450 and HK$119,600 per month respectively.

With efect from the conclusion of the AGM of the Company held on 28

August 2024, Mr. Li Ping Chi retired as an independent non-executive

Director, and ceased to be the chairman of the Audit Comite and a

member of the Remuneration Comite and the Nomination Comite.

Ms. Lam Sau Fung was apointed as an independent non-executive

Director, a member of the Remuneration Comite and the Nomination

Comite and the chairman of the Audit Comite with efect from the

conclusion of the AGM of the Company held on 28 August 2024.

CORPORATE GOVERNANCE REPORT

企业管治报告

AP Rentals Holdings Limited / Anual Report 2025

林秀凤已于2024年7月16日取得我们的香港法律

顾问的近律师行所发出之意见函，(a)随函附上一

份备忘录，概述有关上市发行人及╱或其董事的

主要规定；及(b)列明为遵守上市规则第3.09D条

而向联交所作出虚假声明或提供虚假资料可能引

致的后果。彼亦获取并观看由的近律师行于2024

年7月16日制作的董事培训影片的详细资讯。彼

已向本公司确认，彼了解自己作为上市发行人董

事的义务。

董事委任、重选及免职的程序及过程受细则规

管。细则第83(3)条规定，任何获董事会委任以填

补董事会临时空缺或作为现时董事会新增成员的

董事，任期仅直至其获委任后本公司首次股东周

年大会为止，且届时将符合资格重选连任。

根据细则第84条，于每届股东周年大会上，其时

三分之一的董事（或倘董事人数并非三的倍数，

则为最接近但不少于三分之一的人数）须轮值退

任，惟每名董事须至少每三年在股东周年大会上

退任一次。退任董事符合资格重选连任。轮值退

任的董事须包括（在有需要确定轮值退任董事人

数的情况下）有意退任及不愿重选连任的任何董

事。其余退任董事应为自上次重选连任或获委任

以来任期最长并须轮值退任的其他董事，惟如有

超过一名董事上次乃于同一日重选连任，则会以

抽签方式厘定退任者（除非彼等另行达成协议）。

刘子锋先生的任期直至于2024年8月28日举行

的上届股东周年大会为止，并在该次股东周年大

会上获重选为董事。于2024年8月28日举行的上

届股东周年大会上，李炳志先生、刘邦成先生及

何钟泰先生已退任。李炳志先生已知会董事会，

彼因其他业务承担而不会于上届股东周年大会上

重选连任。刘邦成先生及何钟泰先生已于上届股

东周年大会上获重选为本公司董事。林秀凤女士

自于2024年8月28日举行的股东周年大会结束时

起获委任为本公司董事。

Lam Sau Fung has obtained a leter of advice from Deacons, our legal

advisers as to Hong Kong law, on 16 July 2024, (a) enclosing therewith a

memorandum which gives an overview of the main requirements relating

to a listed isuer and/or its directors; and (b) seting out the posible

consequences of making a false declaration or giving false information

to the Stock Exchange for the purpose of complying with Rule 3.09D of

the Listing Rules. She has also obtained details for acesing and viewing

a directors training video prepared by Deacons on 16 July 2024. She has

confirmed to the Company that she understod her obligations as a

director of a listed isuer.

The procedures and proces of apointment, re-election and removal

of the Directors are governed by the Articles. Article 83(3) of the Articles

provides that any director apointed by the Board either to fil a casual

vacancy on the Board or as an adition to the existing Board shal hold

ofice only until the first anual general meting of the Company after his

apointment and shal then be eligible for re-election.

In acordance with Article 84 of the Articles, at each AGM, one-third of the

Directors for the time being (or, if their number is not a multiple of thre,

the number nearest to, but not les than one-third) shal retire from ofice

by rotation provided that every Director shal be subject to retirement at

AGM at least once every thre years. A retiring Director shal be eligible

for re-election. The Directors to retire by rotation shal include (so far as

necesary to ascertain the number of directors to retire by rotation) any

Director who wishes to retire and not to ofer himself for re-election. Any

further Directors so to retire shal be those of the other Directors subject to

retirement by rotation who have ben longest in ofice since their last re-

election or apointment and so that as betwen persons who became or

were last re-elected Directors on the same day those to retire shal (unles

they otherwise agre among themselves) be determined by lot.

Mr. TF Lau held ofice until the last AGM held on 28 August 2024 and was

re-elected as Director at that AGM. At the last AGM held on 28 August

2024, Mr. Li Ping Chi, Mr. Lau Pong Sing and Mr. Ho Chung Tai, Raymond

have retired. Mr. Li Ping Chi had informed the Board that he would not

ofer himself for re-election at the last AGM due to his other busines

comitments. Mr. Lau Pong Sing and Mr. Ho Chung Tai, Raymond have

ben re-elected as Directors of the Company at the last AGM. Ms. Lam Sau

Fung was apointed as a Director of the Company with efect from the

conclusion of the AGM held on 28 August 2024.

CORPORATE GOVERNANCE REPORT

企业管治报告

亚积邦租赁控股有限公司 / 2025年报

董事会议

根据企业管治守则条文第C.5.1条，董事会应定期

会面，而每年应举行至少四次董事会议。董事

会定期会面以讨论及制订本集团整体策略以及营

运及财务表现。董事可亲自或透过电子通讯方式

参与董事会议。

倘董事于董事会将予考虑的某项事宜上存有利益

冲突，而董事会认为该项利益冲突属重大，则该

名董事须于讨论该项事宜的董事会议上就相关

决议案放弃投票，且不得计入法定人数。

会议出席记录

于截至2025年3月31日止年度，董事会曾举行9

次会议及本公司曾举行1次股东大会。下文载列

各董事出席于截至2025年3月31日止年度所举

行董事会议、委员会议及股东大会的记录详

情：

BOARD METING

Pursuant to the CG Code provision C.5.1, the Board should met regularly

and Board metings should be held at least four times a year. The Board

mets regularly to discus and formulate the overal strategies as wel

as the operation and financial performance of the Group. Directors may

participate in Board metings either in person or through electronic means

of comunications.

If a director has a conflict of interest in a mater to be considered by the

Board which the Board has determined to be material, the Director shal

abstain from voting on the relevant resolutions and he/she shal not

be counted in the quorum in the Board meting discusing the mater

concerned.

ATENDANCE RECORD OF METINGS

During the year ended 31 March 2025, 9 Board metings were held and

1 general meting of the Company was held. Set out below are details of

the atendance record of each Director at the Board metings, comite

metings and general metings held during the year ended 31 March

2025:

Metings atended/Held

出席╱举行会议

Name of Director

Board

Meting

Audit

Comite

Meting

Nomination

Comite

Meting

Remuneration

Comite

Meting

General

Meting of

the Company

董事姓名

董事会

会议

审核

委员会议

提名

委员会议

薪酬

委员会议

本公司

股东大会

EXECUTIVE DIRECTORS执行董事

Mr. Lau Pong Sing (刘邦成) (Chairman)刘邦成先生（主席）9/9N/A 不适用2/22/21/1

Ms. Chan Kit Mui, Lina (陈洁梅)陈洁梅女士9/9N/A 不适用N/A 不适用N/A 不适用1/1

Mr. Lau Tsz Fung (刘子锋)刘子锋先生9/9N/A 不适用N/A 不适用N/A 不适用1/1

NON-EXECUTIVE DIRECTOR非执行董事

Mr. Nakazawa Tomokatsu (中泽友克)中泽友克先生9/9N/A 不适用N/A 不适用N/A 不适用1/1

INDEPENDENT NON-EXECUTIVE DIRECTORS独立非执行董事

Ir Dr. Ho Chung Tai, Raymond (何钟泰)何钟泰博士工程师9/96/6N/A 不适用N/A 不适用1/1

Mr. Siu Chak Yu (萧泽宇)萧泽宇先生9/96/62/22/21/1

Mr. Li Ping Chi (李炳志)李炳志先生2/23/32/21/10/1

Ms. Lam Sau Fung (林秀凤)林秀凤女士7/72/20/01/10/0

* Atendance of this director is stated by reference to the number of relevant

metings held during the director’s tenure.

* 该董事的出席率乃参照董事任期内举行的相关会

议的次数列明。

CORPORATE GOVERNANCE REPORT

企业管治报告

AP Rentals Holdings Limited / Anual Report 2025

股东周年大会

股东周年大会是能让本公司管理层与股东沟通的

重要平台。上届股东周年大会已于2024年8月28

日举行，而应届股东周年大会将于2025年8月28

日举行。

董事委员会

董事会已成立审核委员会、提名委员会及薪酬委

员会（统称「董事委员会」）。审核委员会、提名委

员会及薪酬委员会按照各自的职权范围履行其独

有职能，其职权范围载于本公司网站及联交所网

站供股东查阅。董事委员会获得充足资源履行职

务，并可应合理要求，于适当情况下征询独立专

业意见，开支由本公司承担。

审核委员会

审核委员会于2016年3月17日成立，并根据上市

规则第3.22条及企业管治守则第D.3.3段制定其具

体书面职权范围。于本报告日期，审核委员会由

三名成员组成，彼等均为独立非执行董事，即何

钟泰博士、萧泽宇先生及林秀凤女士（主席）。

审核委员会的主要职责包括（其中包括）就委任及

罢免外聘核数师向董事会作出推荐建议、审阅财

务报表及有关财务申报的重要意见，并监察本公

司的内部监控程序。

本公司已遵守上市规则第3.21条，审核委员会必

须由最少三名成员组成，且其中最少一名必须为

拥有上市规则第3.10(2)条所规定的合适专业资格

或会计或相关财务管理专业知识的独立非执行董

事。审核委员会的主席必须由独立非执行董事出

任。

于截至2025年3月31日止年度，审核委员会曾举

行6次会议，以就下列事项向董事会作出推荐建

议：(i)续聘核数师并批准核数师的聘书；(i)建议

董事会委聘顾问提供有关内部监控评估、企业风

险管理及企业管治顾问服务的顾问服务；及(i)审

阅本集团截至2024年9月30日止六个月的未经审

核中期业绩及本集团截至2024年3月31日止年度

的经审核全年业绩。

THE ANUAL GENERAL METING

An AGM is an important forum in which the management of the Company

can comunicate with the shareholders. The last AGM was held on

28 August 2024 and the upcoming AGM wil be held on 28 August 2025.

BOARD COMITES

The Board has established the Audit Comite, the Nomination

Comite and the Remuneration Comite (colectively the “Board

Comites”). The Audit Comite, the Nomination Comite and

the Remuneration Comite perform their distinct roles in acordance

with their respective terms of reference which are available to shareholders

on the websites of the Company and the Stock Exchange. The Board

Comites are provided with suficient resources to discharge their duties

and, upon reasonable request, are able to sek independent profesional

advice in apropriate circumstances, at the Company’s expense.

AUDIT COMITE

The Audit Comite was established on 17 March 2016, with specific

writen terms of reference in compliance with Rule 3.22 of the Listing Rules

and paragraph D.3.3 of the CG Code. As at the date of this report, Audit

Comite comprises thre members, al being INEDs, namely, Dr. Ho

Chung Tai, Raymond, Mr. Siu Chak Yu and Ms. Lam Sau Fung (Chairman).

The primary responsibilities of the Audit Comite include, among others,

making recomendations to the Board on the apointment and removal

of the external auditor, reviewing the financial statements and material

advice in respect of financial reporting and overseing the internal control

procedures of the Company.

The Company has complied with Rule 3.21 of the Listing Rules in that the

Audit Comite must comprise a minimum of thre members, at least

one of whom is an independent non-executive Director who poseses

apropriate profesional qualifications or acounting or related financial

management expertise as required in Rule 3.10(2) of the Listing Rules.

The Audit Comite must be chaired by an independent non-executive

director.

During the year ended 31 March 2025, 6 metings of the Audit Comite

were held to make recomendations to the Board as folows: (i) on the

re-apointment of the auditor and to aprove the engagement leter

of the auditor; (i) advise the Board to engage the Consultant to provide

advisory services about the internal controls asesment, enterprise risk

management and corporate governance advising services; and (i) review

the unaudited interim results of the Group for the six months ended 30

September 2024 and audited anual results of the Group for the year

ended 31 March 2024.

CORPORATE GOVERNANCE REPORT

企业管治报告

亚积邦租赁控股有限公司 / 2025年报

于2025年6月26日已举行1次会议，以审阅本集

团截至2025年3月31日止年度的财务报表。审核

委员会认为本集团截至2025年3月31日止年度的

财务报表符合适用会计准则及上市规则。

企业管治职能

审核委员会监督本公司的企业管治职能。审核委

员会有关企业管治职能的职责载于审核委员会的

职权范围。于本公司上市后，审核委员会委任顾

问进行企业管治守则合规审查。审查涵盖本公司

董事委员会的职权范围、企业管治政策及常规、

董事及高级管理层的培训和持续专业发展以及企

业管治报告的披露事项。顾问已就改善本公司的

企业管治常规提供若干推荐建议，而本公司已相

应采纳以确保企业管治常规稳健。

董事会负责履行企业管治守则所载若干企业管治

职责，包括但不限于(i)制定及检讨本公司之企业

管治政策及常规；(i)检讨及监察本集团董事及高

级管理层培训及持续专业发展；(i)检讨及监察本

公司就遵守法律及监管规定之政策及常规；(iv)制

定、检讨及监察适用于雇员及董事的操守则及

合规手册（如有）；及(v)检阅本公司遵守企业管治

守则之情况及于本报告内之披露。

On 26 June 2025, a meting was held to review the Group’s financial

statements for the year ended 31 March 2025. The Audit Comite is of

the opinion that the financial statements of the Group for the year ended

31 March 2025 complied with the aplicable acounting standards and the

Listing Rules.

CORPORATE GOVERNANCE FUNCTION

The Audit Comite overses the corporate governance functions of

the Company. The responsibilities of the Audit Comite in relation to

corporate governance functions are set out in the terms of reference of the

Audit Comite. Upon the listing of the Company, the Audit Comite

apointed the Consultant to perform a CG Code compliance review. The

review covered the Company’s terms of reference of Board Comites,

corporate governance policies and practices, training and continuous

profesional development of the Directors and the senior management

and disclosures in the Corporate Governance Report. The Consultant

has provided certain recomendations on improving the Company’s

corporate governance practices, which the Company has adopted

acordingly to ensure sound corporate governance practices.

The Board is responsible for performing certain corporate governance

duties set out in the CG Code, including but not limited, (i) to develop and

review the Company’s corporate governance policies and practices; (i) to

review and monitor the training and continuous profesional development

of Directors and senior management of the Group; (i) to review and

monitor the Company’s policies and practices on compliance with legal

and regulatory requirements; (iv) to develop, review and monitor the code

of conduct and compliance manual (if any) aplicable to employes and

directors; and (v) to review the Company’s compliance with the CG Code

and disclosure in this report.

CORPORATE GOVERNANCE REPORT

企业管治报告

AP Rentals Holdings Limited / Anual Report 2025

NOMINATION COMITE

The Nomination Comite was established on 17 March 2016, with

specific writen terms of reference in compliance with paragraph B.3.1

of the CG Code. As at the date of this report, the Nomination Comite

comprises thre members, being one executive Director, namely, Mr. Lau

Pong Sing (Chairman), and two INEDs, namely, Mr. Siu Chak Yu and Ms.

Lam Sau Fung. Acordingly, a majority of the members are independent

non-executive Directors.

The primary responsibilities of the Nomination Comite include

reviewing the structure, size and composition (including the skils,

knowledge and experience) of the Board and making recomendations

on any proposed changes to the Board to complement the Company’s

corporate strategy and asesing the independence of independent non-

executive Directors.

During the year ended 31 March 2025, 2 metings of the Nomination

Comite were held to review composition of board members and make

recomendation to the Board in relation to the directors to be retired

from ofice by rotation and then subject to re-election in the AGM of 2024.

The Comite has also reviewed and recomended the apointment

of Ms. Lam Sau Fung as a new independent non-executive director of the

Company, on 23 July 2024.

The Nomination Comite has considered the diversity of Board

members of the Company including but not limited to the gender, age,

cultural background and ethnicity when reviewing and discusing on the

proposed re-election of Directors and apointment of a Director during

the year ended 31 March 2025.

REMUNERATION COMITE

The Remuneration Comite was established on 17 March 2016, with

specific writen terms of reference in compliance with Rule 3.26 of the

Listing Rules and paragraph E.1.2 of the CG Code. As at the date of this

report, the Remuneration Comite comprises thre members, being

one executive Director, namely, Mr. Lau Pong Sing, and two INEDs, namely,

Mr. Siu Chak Yu (Chairman) and Ms. Lam Sau Fung. Acordingly, a majority

of the members are INEDs.

The primary responsibilities of the Remuneration Comite include,

among others, (i) making recomendations to the Board on the policy

and structure for al remuneration of the Directors and senior management

and on the establishment of a set of formal and transparent procedures for

developing policies on such remuneration; (i) reviewing and aproving

the management’s remuneration proposals with reference to the Board’s

corporate goals and objectives; and (i) making recomendations to the

Board on the remuneration packages of executive Directors and members

of senior management.

提名委员会

提名委员会于2016年3月17日成立，并根据企业

管治守则第B.3.1段制定其具体书面职权范围。于

本报告日期，提名委员会由三名成员组成，当中

一名为执行董事（即刘邦成先生（主席）及两名为

独立非执行董事（即萧泽宇先生及林秀凤女士）。

因此，大多数成员为独立非执行董事。

提名委员会的主要职责包括检讨董事会的架构、

规模及组成（包括技能、知识及经验方面），并就

任何为配合本公司的公司策略而拟对董事会作出

的变动提出建议及评核独立非执行董事的独立性。

截至2025年3月31日止年度，提名委员会曾举行

2次会议，以检讨董事会成员的组成，并就将于

2024年股东周年大会上轮值退任及重选连任的董

事向董事会作出推荐建议。委员会亦已于2024年

7月23日审阅并推荐委任林秀凤女士为本公司新

独立非执行董事。

截至2025年3月31日止年度，提名委员会在审阅

及讨论建议重选董事及委任董事时，已考虑本公

司董事会成员的多样性，包括但不限于性别、年

龄、文化背景及种族。

薪酬委员会

薪酬委员会于2016年3月17日成立，并根据上市

规则第3.26条及企业管治守则第E.1.2段制定其具

体书面职权范围。于本报告日期，薪酬委员会由

三名成员组成，当中一名为执行董事（即刘邦成

先生）及两名为独立非执行董事（即萧泽宇先生（主

席）及林秀凤女士）。因此，大多数成员为独立非

执行董事。

薪酬委员会的主要职责其中包括(i)就有关董事及

高级管理层一切薪酬的政策及架构以及就制定有

关薪酬的政策设立一套正式及透明的程序向董事

会作出推荐建议；(i)根据董事会的企业目标及宗

旨，就管理层的薪酬建议进行审阅及批准；及(i)

就执行董事及高级管理层成员的薪酬方案向董事

会作出推荐建议。

CORPORATE GOVERNANCE REPORT

企业管治报告

亚积邦租赁控股有限公司 / 2025年报

于截至2025年3月31日止年度，薪酬委员会曾举

行2次会议，以审阅本集团员工及董事的薪酬方

案，并就有关薪酬方案向董事会作出推荐建议。

委员会已于2025年7月23日审阅并推荐林秀凤

女士（彼自本公司于2025年8月28日举行的股东

周年大会结束时起获委任为本公司新任独立非执

行董事）的薪酬。委员会亦已于2025年1月20日

审阅并推荐刘先生、陈女士及刘子锋先生的薪酬

方案，以及刘先生、陈女士及刘子锋先生各自的

酌情花红。

高级管理层成员按组别划分的薪酬

于截至2025年3月31日止年度，本公司当时在任

的高级管理层按组别划分的年度薪酬详情如下：

人数

各董事于截至2025年3月31日止年度的薪酬详情

载于综合财务报表附注11。

其他委员会

在本公司的管理下已成立风险管理委员会。于本

报告日期，风险管理委员会由四名成员组成，当

中三名为执行董事（即刘邦成先生、陈洁梅女士

及刘子锋先生）及一名为本公司高级员工（即王卓

敏先生）。风险管理委员会的主要职责为商讨风

险管理相关政策及程序、检讨风险管理活动的成

效，并处理突发事件。

截至2025年3月31日止年度，本公司曾举行2次

会议，以与顾问合作识别风险事件、制定风险清

单、进行风险评估及制定减低风险的计划，以编

制本集团的风险管理报告。

During the year ended 31 March 2025, 2 metings of the Remuneration

Comite were held to review the remuneration package of the staf

and directors of the Group and to make recomendations to the Board

on such remuneration packages. The Comite has reviewed and

recomended the remuneration of Ms. Lam Sau Fung on 23 July 2025,

who was apointed as a new independent non-executive director of the

Company with efect from the conclusion of the anual general meting of

the Company held on 28 August 2025. The Comite has also reviewed

and recomended the remuneration packages of Mr. Lau, Ms. Chan and

Mr. TF Lau and the discretionary bonus for each of Mr. Lau, Ms. Chan and

Mr. TF Lau on 20 January 2025.

REMUNERATION OF THE MEMBERS OF THE SENIOR

MANAGEMENT BY BAND

Details of the anual remuneration of the senior management of the

Company then in ofice by band for the year ended 31 March 2025 are as

folows:

Number of individuals

Remuneration band

Number of

individuals

薪酬组别人数

Nil to HK$1,000,000零至1,000,000港元1

HK$1,000,001 to HK$1,500,0001,000,001港元至1,500,000港元1

HK$1,500,001 to HK$2,000,0001,500,001港元至2,000,000港元1

HK$3,000,001 to HK$3,500,0003,000,001港元至3,500,000港元2

Total总计5

Details of the remuneration of each Director for the year ended 31 March

2025 are set out in note 11 to the consolidated financial statements.

OTHER COMITES

A Risk Management Comite under the management of the Company

has ben established. As at the date of this report, Risk Management

Comite comprises four members, being thre executive Directors,

namely, Mr. Lau Pong Sing and Ms. Chan Kit Mui, Lina, Mr. TF Lau and

one senior staf member of the Company, namely Mr. Wong Cheuk Man.

The primary responsibilities of the Risk Management Comite are

to deliberate risk management related policies and procedures, review

the efectivenes of risk management activities and handle isues of

emergency.

During the year ended 31 March 2025, 2 metings were held to work

with the Consultant to identify risk events, establishing the risk inventory,

performing risk asesment and formulating risk mitigation plans for

preparing the risk management report for the Group.

CORPORATE GOVERNANCE REPORT

企业管治报告

AP Rentals Holdings Limited / Anual Report 2025

董事会已建立机制，确保董事会可获得独立意

见，并采用本公司的董事提名政策及董事会多元

化政策，详情载列如下：

多元化与包容性

本公司致力将多元化及包容性融入工作场所，

让所有员工均受到平等的重视、参与、支持及尊

重，以展示其独特的才能及观点。鼓励分歧及提

倡平等机会可作为保持本公司策略目标及可持续

发展的催化剂。为此，本公司已采取措施并制定

行动计划，制定可计量目标，以促进工作场所的

多元化及包容性。

本公司明白并深信董事会成员多元化对提升本

公司表现质素裨益良多。透过考虑多项因素可达

致董事会成员多元化，该等因素包括但不限于

性别、年龄、文化背景及种族，以及教育背景、

专业资格、行业及地区经验、技能、知识及服务

年期。所有董事会作出的任命均基于用人唯才原

则，考虑人选时将按适当准则，并充分顾及董事

会多元化的裨益。

本公司可持续及均衡发展的道路建基于多元化及

包容性。董事会目前有两名女性董事。紧随李炳

志先生退任后，林秀凤女士已获委任为董事以加

入董事会，自于2024年8月28日举行的股东周年

大会结束时起生效。作为我们多元化倡议的一部

分，本公司及我们的男性高级管理层致力于工作

场所的性别多元化，并提倡组织内性别平等。有

关本公司多元化及包容性的更多资料（如员工（包

括高级管理层）的性别比例），请参阅环境、社会

及管治报告。

董事提名政策

1. 宗旨及目标

于2019年1月29日，董事提名政策（「该政

策」）已获董事会批准，详情载列如下：

1.1 该政策载列本公司提名委员会就甄

选、委任及重新委任董事时所采用

的程序及准则。

1.2 该政策旨在确保董事会因应本公司业

务发展需要而适切具备均衡技能、经

验及多样的观点。

The Board has established mechanisms to ensure independent views

are available to the Board with the adoption of the Company’s director

nomination policy and board diversity policy, details of which are set out as

folows:

DIVERSITY AND INCLUSION

The Company is devoted to incorporating diversity and inclusivity in the

workplace in which al employes fel equaly valued, involved, suported,

and respected for demonstrating their unique talent and perspectives.

Celebrating diferences and promoting equal oportunities could serve

as the catalyst for keping the atainment of the Company’s strategic

objectives and sustainable development. In doing so, the Company

made initiatives and prepared the action plan with measurable goals that

promote diversity and inclusion in the workplace.

The Company recognises and embraces the benefits of having a diverse

Board composition to enhance the quality of its performance. Diversity of

Board members can be achieved through consideration of several factors,

including but not limited to gender, age, cultural background and ethnicity,

in adition to educational background, profesional qualifications, industry

and regional experience, skils, knowledge and length of service. Al the

Board apointments wil be based on meritocracy, and candidates wil be

considered against apropriate criteria, having due regard for the benefits

of diversity on the Board.

The path to the Company’s sustainable and balanced development is built

on diversity and inclusion. The Board curently has two female directors.

Folowing the retirement of Mr. Li Ping Chi, Ms. Lam Sau Fung, was apointed

as a director to join the Board with efect from the conclusion of the AGM

held on 28 August 2024. As part of our diversity initiatives, the Company

and our male senior management are comited to gender diversity in the

workplace and advocate for gender equality in the organisation. For more

information on the Company’s diversity and inclusion, such as the gender

ratio in the workforce (including senior management), please refer to the

Environmental, Social and Governance Report.

DIRECTOR NOMINATION POLICY

1. Purpose and objectives

On 29 January 2019, the director nomination policy (the “Policy”)

was aproved by the Board with details as set out below:

1.1 The Policy sets out the procedures and criteria to be adopted

by the Nomination Comite of the Company in relation

to the selection, apointment and reapointment of the

Directors.

1.2 The Policy aims at ensuring that the Board has a balance of

skils, experience and diversity of perspectives apropriate to

the requirements of the Company’s busines.

CORPORATE GOVERNANCE REPORT

企业管治报告

亚积邦租赁控股有限公司 / 2025年报

2. 甄选标准

于提名委任及重新委任董事的潜在候选人

时，提名委员会应考虑以下因素（「甄选标

准」）：

、技能及经

验是否与本公司的业务模式及具体需

求相关；

• 该人士是否能够为董事会投入足够的

时间；

• 参考上市规则第3.13条所载的独立性

标准，（就委任及重新委任独立非执

行董事而言）考虑该人士的独立性；

• 参考本公司不时生效的董事会成员多

元化政策所载的因素，考虑该人士如

何为董事会多元化作出贡献；及

3. 提名董事的程序及过程

3.1 董事会或提名委员会应在其认为适当

的情况下透过各种途径物色合适的董

事人选，包括但不限于由现任董事、

股东、顾问以及第三方代理公司及广

告商转介。

3.2 于评估潜在候选人的合适性时，提名

委员会应采用其认为适当的程序，

例如面试、背景审查及第三方资历查

核，并根据甄选标准，甄选提名担任

董事职位的人选或就其甄选向董事会

提供推荐建议。

3.3 甄选及委任董事的最终责任由董事会

负责。

2. Selection criteria

The Nomination Comite shal consider the folowing factors

(“Selection Criteria”) when nominating potential candidates for the

apointment and reapointment of Directors:

’s educational background and

qualification, skils and experience are relevant to the

Company’s busines model and specific neds;

’s character and reputation for integrity;

• whether the individual would be able to devote suficient time

to the Board;

• (in respect of apointment and reapointment of

independent non-executive Directors) independence of the

individual with reference to the independence criteria set out

in Rule 3.13 of the Listing Rules;

• how the individual would be able to contribute to the diversity

of the Board with reference to the factors set out in the Board

Diversity Policy of the Company from time to time in force;

and

• Board sucesion planing considerations.

3. Procedures and proces for nomination of Directors

3.1 The Board or the Nomination Comite shal deploy such

chanel(s) for identifying suitable director candidates as it

dems apropriate, including but not limited to referals

from existing Directors, Shareholders, advisers and third party

agency firms and advertisements.

3.2 The Nomination Comite shal adopt such proces as it

dems apropriate in evaluating the suitability of the potential

candidates, such as interviews, background checks and third

party reference checks, and select or make recomendations

to the Board on the selection of individuals to be nominated

for directorships based on the Selection Criteria.

3.3 The ultimate responsibility for the selection and apointment

of Directors shal rest with the Board.

CORPORATE GOVERNANCE REPORT

企业管治报告

AP Rentals Holdings Limited / Anual Report 2025

NON-COMPETITION UNDERTAKING BY CONTROLING

SHAREHOLDERS

Mr. Lau Pong Sing, Ms. Chan Kit Mui, Lina, New Club House and Great

Club House (colectively the “Controling Shareholders”), have entered

into a ded of non-competition dated 18 March 2016 (“Ded of Non-

competition”) with the Company, pursuant to which the Controling

Shareholders of the Company have irevocably undertaken to the

Company that he/she/it would not, and would procure that his/her/its

close asociates (except any members of the Group) would not, during the

restricted period, directly or indirectly, either on his/her/its own acount or

in conjunction with or on behalf of any person, firm or company, among

other things, cary on, participate or be interested or engaged in or acquire

or hold (in each case whether as shareholder, director, partner, agent,

employe or otherwise, and whether for profit, reward or otherwise) any

busines which is or may be in competition with the busines curently

caried on or contemplated to be caried on by any member of the Group

(save and except for certain residual contracts of which shal be terminated

upon their respective expiry dates (the details of which are set out in the

Prospectus). Details of the Ded of Non-competition are set out in the

section headed “Relationship with Controling Shareholders” of the

Prospectus. The Company entered into the suplemental ded on 10 May

2019 (“Suplemental Ded”) with the Controling Shareholders to amend

the Ded of Non-competition. Pursuant to the Suplemental Ded, the

geographic coverage under the definition of “Restricted Busines” (as

defined in the Ded of Non-competition) and the undertaking given by the

Controling Shareholders wil be expanded to include the PRC. The details

of the transaction were set out in the anouncement of the Company

dated 10 May 2019 and the circular of the Company dated 3 June 2019,

respectively.

The Suplemental Ded and the rights and obligations thereunder are

conditional upon (i) the independent shareholders of the Company

having aproved the Suplemental Ded and the rights and obligations

thereunder at a general meting of the Company as required by and

in acordance with the Listing Rules; and (i) the completion of the

transactions contemplated under the Equity Transfer Agrement

(as defined in the circular of the Company dated 3 June 2019). The

Suplemental Ded and the transactions contemplated thereunder were

aproved at an extraordinary general meting of the Company on 25 June

2019. Completion of the acquisition tok place on 20 September 2019.

Each of the Controling Shareholders has provided confirmation(s) in

respect of compliance with his/her/its undertaking under the Ded of Non-

competition (as amended and suplemented by the Suplemental Ded)

during the year ended 31 March 2025.

控股东的不竞争承诺

刘邦成先生、陈洁梅女士、New Club House及

Great Club House（统称「控股东」）已与本公司订

立日期为2016年3月18日的不竞争契据（「不竞争

契据」），据此，本公司控股东已不可撤回地向

本公司承诺，于受限制期间内，将不会并促使其

紧密联系人（本集团任何成员公司除外）不会自行

或连同或代表任何人士、商号或公司，直接或间

接（其中包括）进行、参与或拥有权益或从事或收

购或持有（不论是否以股东、董事、合伙人、代

理、雇员或其他身分，亦不论为溢利、回报或其

他原因）任何足以或可能对本集团任何成员公司

目前所从事或拟从事的业务构成竞争的任何业务

（惟于其各自届满日期终止的若干余下合约除外

（其详情载于招股章程）。有关不竞争契据的详

情载于招股章程「与控股东的关系」一节。本

公司已于2019年5月10日与控股东订立补充契

据（「补充契据」），以修订不竞争契据。根据补充

契据，「受限制业务」（定义见不竞争契据）释义下

地理范围及控股东作出的承诺将扩大至包括中

国。交易的详情分别载于本公司日期为2019年5

月10日的公告及本公司日期为2019年6月3日的

通函。

补充契据及其项下的相关权利及法律约束以下述

两项为前提：(i)本公司的独立股东已遵守上市规

则的要求，于本公司股东大会上批准补充契据及

其项下的相关权利及法律约束；及(i)完成股权转

让协议（定义见本公司日期为2019年6月3日的通

函）项下拟进行的交易。补充契据及其项下拟进

行的交易于本公司于2019年6月25日召开的股东

特别大会上获批准，并于2019年9月20日完成收

购。

截至2025年3月31日止年度，各控股东已就遵

守其于不竞争契据（已由补充契据修订及补充）下

的承诺提供确认函。

CORPORATE GOVERNANCE REPORT

企业管治报告

亚积邦租赁控股有限公司 / 2025年报

独立非执行董事已审阅各控股东遵守不竞争契

据（已由补充契据修订及补充）条款的情况，并信

纳各控股东于截至2025年3月31日止年度已遵

守其承诺。

外聘核数师薪酬

截至2025年3月31日止年度，就外聘核数师向本

集团提供审核服务及非审核服务而已付或应付外

聘核数师的薪酬分别为约1.8百万港元及约0.5百

万港元。非审核服务包括税务顾问服务（约0.1百

万港元）、内部监控评估、企业风险管理及企业

管治顾问服务（约0.4百万港元）以及其他服务。

董事及核数师就财务报表的责任

董事确认彼等编制本公司及本集团截至2025年3

月31日止年度财务报表的责任。董事并不知悉任

何重大不确定因素与可能对本公司持续经营能力

构成重大疑问的事件或情况相关。本公司独立核

数师有关彼等对财务报表的申报责任所作声明载

于第124至131页的独立核数师报告。

风险管理及内部监控制度

本集团已设立风险管理架构，由董事会、审核委

员会及风险管理委员会组成。董事会厘定为达致

本集团策略目标所须承担风险的性质与范围，且

须整体负责监视风险管理及内部监控制度的设

计、实施及整体成效。

本集团已制订并采纳风险管理政策，为识别、评

估及管理重大风险提供方向。风险管理委员会至

少每年识别将对达致本集团目标构成不利影响的

风险，并根据一套标准则评估及排列已识别风

险的优先次序，然后就该等被视为重大的风险制

订风险缓解计划及委派风险负责人。

The independent non-executive Directors have reviewed the status

of compliance by each of the Controling Shareholders of the terms of

the Ded of Non-competition (as amended and suplemented by the

Suplemental Ded) and were satisfied that each of the Controling

Shareholders has complied with his/her/its undertaking during the year

ended 31 March 2025.

EXTERNAL AUDITORS’ REMUNERATION

For the year ended 31 March 2025, the remunerations paid or payable

to the external auditors in respect of its audit services and non-audit

services provided to the Group were aproximately HK$1.8 milion and

aproximately HK$0.5 milion, respectively. The non-audit services consist

of taxation advising service (aproximately HK$0.1 milion), internal controls

asesment, enterprise risk management and corporate governance

advising services (aproximately HK$0.4 milion) and other services.

DIRECTORS’ AND AUDITOR’S RESPONSIBILITY IN

RESPECT OF THE FINANCIAL STATEMENTS

The Directors acknowledge their responsibility for preparing the financial

statements of the Company and of the Group for the year ended 31 March

2025. The Directors are not aware of any material uncertainties relating to

events or conditions that may cast significant doubt upon the Company’s

ability to continue as a going concern. The statement of the independent

auditor of the Company about their reporting responsibilities on the

financial statements is set out in the Independent Auditor’s Report on

pages 124 to 131.

RISK MANAGEMENT AND INTERNAL CONTROL

SYSTEMS

The Group has established a risk management framework, which consists

of the Board of Directors, the Audit Comite and the Risk Management

Comite. The Board of Directors determines the nature and extent of

risks that shal be taken in achieving the Group’s strategic objectives, and

has the overal responsibility for monitoring the design, implementation

and the overal efectivenes of risk management and internal control

systems.

The Group has formulated and adopted Risk Management Policy in

providing direction in identifying, evaluating and managing significant

risks. At least on an anual basis, the Risk Management Comite

identifies risks that would adversely afect the achievement of the Group’s

objectives, and aseses and prioritizes the identified risks acording to

a set of standard criteria. Risk mitigation plans and risk owners are then

established and asigned for those risks considered to be significant.

CORPORATE GOVERNANCE REPORT

企业管治报告

AP Rentals Holdings Limited / Anual Report 2025

本集团风险管理及内部监控制度的关键要素包括

建立策略风险登记册，以监控、评价及评估已识

别风险。通过与本集团管理层面谈以定期进行风

险评估，以便根据漏洞及影响识别及优先排序风

险事件。风险评估结果及缓解计划记录于本集团

的风险登记册内，以监控及确保采取适当的控制

及缓解措施。

董事会负责维持并检讨本集团内部监控制度的成

效。内部监控旨在满足本集团的特定需要及尽量

减低本集团所承受的风险，并旨在管理而非消除

风险，以达致本集团的业务目标，且仅可就错误

陈述或亏损提供合理而非绝对的保证。

本公司并无内部审核职能。基于考虑：(i)本集团

维持内部审核职能的资源将非常昂贵；及(i)任

何员工流失可能会损害其成效及效率，本公司审

核委员会建议本公司委聘外部顾问，对本集团的

内部监控、企业风险管理及企业管治常规进行年

度审阅。委聘知名外部顾问可确保进行内部审核

职能的成效及效率。于截至2025年3月31日止年

度，本公司委聘顾问检讨本集团若干内部监控评

估、企业风险管理及企业管治事宜的成效。顾问

已识别有关设计及实施内部监控方面的不足并提

供建议改善的推荐建议。有关内部监控的重大不

足之处均及时向审核委员会及董事会汇报，以确

保从速采取补救行动。每年至少向审核委员会及

董事会汇报一次有关风险管理及内部监控检讨的

结果。于回顾年度，顾问已向审核委员会及董事

会发出内部监控报告（「内部监控报告」）、企业风

险管理报告（「企业风险管理报告」）及企业管治

报告（「企业管治报告」）。董事会已采纳内部监控

报告、企业风险管理报告及企业管治报告中的建

议，并已持续参照顾问的建议改善其企业管治常

规及风险管理。

鉴于上述审阅，董事会确认本集团的风险管理及

内部监控制度为足够及有效，且于截至2025年3

月31日止整个年度一直遵守有关风险管理及内部

监控的企业管治守则规定。

The key elements of the risk management and internal controls systems

of the Group include the establishment of a strategic risk register to

monitor, evaluate and ases the identified risks. Risk asesment exercise

is performed periodicaly by interviewing with the management of the

Group so as to identify and prioritise risk events acording to vulnerability

and impact. The risk asesment results and mitigation plan are recorded

to the risk register of the Group for monitoring and to ensure apropriate

controls and mitigation actions are in place.

The Board is responsible for maintaining and reviewing the efectivenes

of the Group’s internal control system. The internal controls are designed

to met the Group’s particular neds and to minimise the risks to which

the Group is exposed, and are designed to manage rather than eliminate

the risks to achieve busines objectives of the Group, and can only provide

reasonable but not absolute asurance against mistatements or loses.

The Company does not have an internal audit function. The audit

comite of the Company recomended the Company to engage

an external consultant to perform the anual review of the Group’s

internal controls, enterprise risk management and corporate governance

practices based on the consideration that: (i) the resources for maintaining

an internal audit function for the Group wil be very costly; and (i) its

efectivenes and eficiency might be jeopardized by any staf turnover.

The engagement of a renowned external consultant can ensure that the

efectivenes and eficiency in performing the internal audit function.

During the year ended 31 March 2025, the Company engaged the

Consultant to review the efectivenes of certain of the Group’s internal

controls asesment, enterprise risk management and corporate

governance maters. Deficiencies in the design and implementation of

internal controls are identified and recomendations are proposed for

improvement. Significant internal control deficiencies are reported to the

Audit Comite and the Board of Directors on a timely basis to ensure

prompt remedial actions are taken. Results of risk management and internal

controls review and are reported to the Audit Comite and the Board at

least once a year. During the year under review, the Consultant has isued

the internal controls report (“IC Report”), enterprise risk management

report (“ERM Report”) and the Corporate Governance report (“CG

Report”) to the Audit Comite and the Board. The Board has adopted

the advice made in the IC Report, the ERM Report and the CG Report and

has continuously improving its corporate governance practices and risk

management with reference to the Consultant’s recomendations.

As a result of the above review, the Board confirms that the Group’s risk

management and internal control systems are adequate and efective

and have complied with the CG Code provisions on risk management and

internal control throughout the year ended 31 March 2025.

CORPORATE GOVERNANCE REPORT

企业管治报告

亚积邦租赁控股有限公司 / 2025年报

处理及发布内幕消息的程序及内部监控

本集团符合证券及期货条例（「证券及期货条例」）

及上市规则的规定。本集团在合理可行情况下尽

快向公众披露内幕消息，除非有关消息属证券及

期货条例所订明任何「安全港」范围则作别论。

向公众全面披露消息前，本集团确保信息绝对保

密。倘本集团相信无法维持所须必要保密程度或

消息可能外泄，本集团将立即向公众披露消息。

本集团致力确保公告所载资料对于重大事实不构

成虚假或误导，或不因遗漏重大事实而导致虚假

或误导。本集团致力确保公告所载资料以清晰持

平方式呈列，而就此须就正面及负面事实作出同

等披露。

公司秘书

本公司的公司秘书（「公司秘书」）一职由王卓敏

先生担任。公司秘书负责协调董事会的程序及董

事会成员之间及与本公司股东和管理层之间的沟

通。公司秘书承诺每年接受至少15小时相关专业

培训，以增进其技能及知识。

股东权利

本公司股东大会为股东及董事会提供沟通的机

会。本公司每年于董事会决定的地点举行股东周

年大会。

PROCEDURES AND INTERNAL CONTROLS FOR

THE HANDLING AND DISEMINATION OF INSIDE

INFORMATION

The Group complies with requirements of the Securities and Futures

Ordinance (“SFO”) and the Listing Rules. The Group discloses inside

information to the public as son as reasonably practicable unles the

information fals within any of the safe harbours as provided in the SFO.

Before the information is fuly disclosed to the public, the Group ensures

the information is kept strictly confidential. If the Group believes that

the necesary degre of confidentiality canot be maintained or that

confidentiality may have ben breached, the Group would imediately

disclose the information to the public. The Group is comited to ensure

that information contained in anouncements are not false or misleading

as to a material fact, or false or misleading through the omision of a

material fact. The Group is comited to ensure that information contained

in anouncements is presented in a clear and balanced way, which

requires equal disclosure of both positive and negative facts.

COMPANY SECRETARY

The role of the company secretary of the Company (“Company

Secretary”) is performed by Mr. Wong Cheuk Man. The Company Secretary

is responsible for facilitating the Board’s proceses and comunications

among Board members, shareholders and the management of the

Company. The Company Secretary undertakes at least 15 hours of relevant

profesional training anualy to update his skils and knowledge.

SHAREHOLDERS’ RIGHTS

The general metings of the Company provide an oportunity for

comunications betwen the shareholders and the Board. An AGM of the

Company shal be held in each year and at the place as may be determined

by the Board.

CORPORATE GOVERNANCE REPORT

企业管治报告

AP Rentals Holdings Limited / Anual Report 2025

股东关系

董事会深明股东及其他投资者在厘定业务可持续

增长及发展方面扮演重要角色。本公司致力与股

东及市场保持公开、持续及透明的对话，以促进

有效及适时发布本公司的资料及表现。本公司定

期评估及评核与股东沟通的有效性。股东表达意

见的渠道载列如下：

SHAREHOLDER RELATIONS

The Board recognizes the vital role of shareholders and other investors

in determining a busines’s sustainable growth and development. The

Company is comited to maintaining an open, ongoing, and transparent

dialogue for facilitating the efective and timely disemination of the

Company’s information and performance with its shareholders and market.

The efectivenes of the Company’s engagements with Shareholders

is asesed and evaluated regularly. The chanels for shareholders to

comunicate their views are listed below:

Shareholders’ metings• The anual shareholders’ metings and other shareholders’ metings of the Company

are the primary forum for comunication by the Company with its shareholders and

for shareholder participation.

metings. Shareholders are encouraged to apoint proxies to atend and vote at

metings for and on their behalf if they are unable to atend such metings.

• Mechanisms for enabling shareholder participation wil be reviewed on a regular

basis by the board of directors of the Company to encourage the highest level of

participation.

, apropriate members of the Board comites and the

external auditor of the Company wil atend the anual general metings to answer

questions from the shareholders.

股东大会• 本公司的股东周年大会及其他股东大会为本公司与其股东沟通及股东参与的主要

平台。

。本公司鼓励股东委任代表代其出席大会并

于会上投票（倘彼等未能出席有关大会）。

，以鼓励最高参与水平。

、董事会委员会适当成员及本公司外聘核数师将出席股东周年大会以

回答股东提问。

Company’s website• The Company’s website ( w.apholdingshk.com ) contains information about the

Company including shareholder comunications.

’s anouncements, circulars,

notices of general metings and other information in compliance with the aplicable

laws, rules and regulations.

公司网站• 本公司网站( w.apholdingshk.com )载有关于本公司的资料，包括股东通讯。

、规则及法规于其网站刊载本公司的公告、通函、股东大

会通告及其他资料。

CORPORATE GOVERNANCE REPORT

企业管治报告

亚积邦租赁控股有限公司 / 2025年报

Shareholders’ enquiries• Shareholders should direct their questions about their shareholdings to

Computershare Hong Kong Investor Services Limited, the Company’s share registrar,

Shops 1712–1716, 17th Flor, Hopewel Centre, 183 Quen’s Road East, Wanchai, Hong

Kong.

’s

information to the extent such information is publicly available. Shareholders may

direct their queries to the Company’s headquarters in Hong Kong at Unit 806A, 8th

flor, Tower I, South Seas Centre, No. 75 Mody Road, Kowlon, Hong Kong, for the

atention of the Company Secretary of the Company.

• The Company wil respond promptly to shareholder queries and concerns.

股东查询• 股东如对其股权有任何疑问，应向本公司的股份过户登记处香港中央证券登记有

限公司（地址为香港湾仔皇后大道东183号合和中心17楼1712–1716号舖）提出。

。股东可向本公司香港总部（地址为

香港九龙么地道75号南洋中心第二座8楼806A室）提出查询，收件人为本公司的公

司秘书。

The Chairman, Mr. Lau and other directors atending the AGM on 28

August 2024, held a meting after the closure of the AGM with al the

shareholders of the Company atending that AGM, asking for their advice

on the performance of the Company and exchanged the ideas of the

Board with the shareholders, including but not limited to the efectivenes

of comunication with the shareholders. Both the shareholders atending

the AGM and the Board members were satisfied about that meting. In

order to review the efectivenes of the shareholders comunication

policy of the Company (the “SCP”), questionaires related to the

shareholders comunication chanels (the “SCs”) were dispatched to the

Shareholders atending the AGM on 28 August 2024 and the Shareholders

returned the SCs to the Company.

Imediately after the conclusion of the AGM on 28 August 2024, a meting

of the Board was held. After reviewing the results of the SCs received, it

apeared that at least the relevant Shareholders who returned the SCs

acepted the curent SCs of the Company. Some of the Shareholders in

the AGM wished to contact the INEDs directly for expresing their ideas

towards the Company.

It was resolved in that Board meting that the Company should promptly

inform each INED in respect of any emails adresing to the Company by

the Shareholders via the curent SCs. Since the end of the AGM held on

28 August 2024 til the date of this report, the Company has not received

such kind of emails from the Shareholders.

主席刘先生及其他董事出席在2024年8月28日

举行的股东周年大会，并于股东周年大会结束后

与出席该股东周年大会的本公司全体股东举行

会议，征求彼等对本公司业绩的意见，并与股东

交流董事会的想法，包括但不限于与股东沟通的

成效。出席股东周年大会的股东及董事会成员均

对该会议表示满意。为检讨本公司股东沟通政策

（「股东沟通政策」）的成效，本公司已于2024年8

月28日向出席股东周年大会的股东寄发有关股东

沟通渠道（「股东沟通渠道」）的问卷，而股东亦已

向本公司交回股东沟通渠道问卷。

紧随于2024年8月28日举行的股东周年大会结束

后，随即举行董事会议。经审阅所收到的股东

沟通渠道问卷的结果后，似乎至少交回股东沟通

渠道问卷的相关股东接受本公司目前的股东沟通

渠道。部分出席股东周年大会的股东希望直接联

络独立非执行董事，以表达彼等对本公司的意见。

该董事会议决，本公司应即时通知各独立非

执行董事有关股东透过目前的股东沟通渠道向本

公司发出的任何电邮。自2024年8月28日举行的

股东周年大会结束起至本报告日期止，本公司尚

未收到股东发出的此类电邮。

CORPORATE GOVERNANCE REPORT

企业管治报告

AP Rentals Holdings Limited / Anual Report 2025

股东召开股东特别大会（「股东特别大

会」）

根据细则第58条，本公司任何一名或以上于递呈

要求日期时持有不少于本公司实缴股本（附有于

本公司股东大会上投票的权利）十分之一（按每股

一票的基准）的股东，于任何时候均有权向董事

会或公司秘书发出书面要求，要求董事会召开股

东特别大会，以处理该项要求指明的任何事务；

且有关大会应于递呈该项要求后两个月内举行。

该项要求须以书面向董事会或本公司香港总办事

处（其现时地址为香港九龙么地道75号南洋中心

第二座8楼806A室）的公司秘书作出。倘董事会

于该项要求呈交后21日内未能召开该大会，则提

出要求者本人（彼等）可仅于一个地点（将为主要

会议地点）召开实体会议，而本公司须向提出要

求者偿付提出要求者因董事会未能召开大会而产

生的所有合理开支。

股东对董事会提出查询

股东可向本公司递交书面查询，注明由本公司于

香港总办事处的公司秘书收。

股东于股东大会提呈建议的程序

股东向股东特别大会提呈决议案时须遵守细则第

58条。相关规定及程序载于上文「股东召开股东

特别大会」一段。

SHAREHOLDERS TO CONVENE AN EXTRAORDINARY

GENERAL METING (“EGM”)

Pursuant to Article 58 of the Articles, any one or more shareholders of the

Company holding, at the date of deposit of the requisition, not les than

one-tenth of the paid up capital of the Company carying the right of

voting at general metings of the Company, on a one vote per share basis,

shal at al times have the right, by writen requisition to the Board or the

company secretary, to require an EGM to be caled by the Board for the

transaction of any busines specified in such requisition; and such meting

shal be held within two months after the deposit of such requisition.

Such requisition shal be made in writing to the Board or the company

secretary at the head ofice of the Company in Hong Kong, which is

presently situated at Unit 806A, 8th Flor, Tower I, South Seas Centre, No.

75 Mody Road, Kowlon, Hong Kong. If within 21 days of such deposit,

the Board fails to proced to convene such meting, the requisitionist(s)

himself (themselves) may convene a physical meting at only one location

which wil be the principal meting place, and al reasonable expenses

incured by the requisitionist(s) as a result of the failure of the Board shal

be reimbursed to the requisitionist(s) by the Company.

PUTING ENQUIRIES BY SHAREHOLDERS TO THE

BOARD

Shareholders may send writen enquiries to the Company for the atention

of the Company Secretary at the Company’s head ofice in Hong Kong.

PROCEDURES FOR PUTING FORWARD PROPOSALS BY

SHAREHOLDERS AT SHAREHOLDERS’ METING

Shareholders are requested to folow Article 58 of the Articles for puting

forward a resolution at an EGM. The requirements and procedures are

set out above in the paragraph headed “Shareholders to Convene an

Extraordinary General Meting”.

CORPORATE GOVERNANCE REPORT

企业管治报告

亚积邦租赁控股有限公司 / 2025年报

CONSTITUTIONAL DOCUMENTS

On 28 August 2024, a special resolution was pased to amend the second

amended and restated articles of asociation of the Company by way of

adoption of the third amended and restated articles of asociation (the

“New Articles”) to, among other things, (i) bring the articles of asociation

of the Company up to date and in line with the latest regulatory

requirements in relation to the expanded paperles listing regime and the

electronic disemination of corporate comunications by listed isuers

and the relevant amendments made to the Listing Rules which tok efect

on 31 December 2023; (i) alow the Company to hold treasury shares;

and (i) incorporate other house-keping amendments to the articles of

asociation including to update, modernise or clarify provisions of the

articles of asociation where it is considered desirable.

Save as disclosed, there was no change in the constitutional documents of

the Company during the year ended 31 March 2025.

By order of the Board

Lau Pong Sing

Chairman and Executive Director

26 June 2025

章程文件

于2024年8月28日，本公司通过一项特别决议案，

透过采纳第三次经修订及重述组织章程细则（「新

细则」）的方式修订本公司第二次经修订及重述组

织章程细则，以（其中包括）(i)更新本公司组织章

程细则，使其符合有关扩大无纸化上市制度及上

市发行人以电子方式发放公司通讯的最新监管规

定，以及于2023年12月31日生效的上市规则相

关修订；(i)允许本公司持有库存股份；及(i)在

组织章程细则中纳入其他内部修订，包括在认为

可取的情况下更新、现代化或澄清组织章程细则

的条文。

除所披露者外，于截至2025年3月31日止年度，

本公司的章程文件概无出现变动。

承董事会命

刘邦成

主席兼执行董事

2025年6月26日

DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层

AP Rentals Holdings Limited / Anual Report 2025

OVERVIEW

The table below contains certain information about our Directors and

senior management.

NameAgePosition

Date of joining

the Group

Date of

apointment

to the curent

position

Responsibilities

in the Group

姓名年龄职位

加入本集团

的日期

获委任目前职位

的日期于本集团的职责

Mr. Lau Pong Sing

(刘邦成)

68Executive Director;

Chairman; Chief

executive oficer

22 December 200411 June 2015Our overal management

and busines development;

seting busines strategies,

direction and goals

刘邦成先生68执行董事；主席；

行政总裁

2004年12月22日2015年6月11日我们的整体管理及业务发展；

制定业务策略、方向及

目标

Ms. Chan Kit Mui, Lina

(陈洁梅)

67Executive Director;

Chief operating

oficer

22 December 200411 June 2015Overseing our

administration, financial

control and human

resources

陈洁梅女士67执行董事；

营运总监

2004年12月22日2015年6月11日监督我们的行政、财务控制

及人力资源

Mr. Lau Tsz Fung

(刘子锋)

39Executive Director;

Vice president —

sales and marketing

of AP Rentals Limited

1 April 20091 April 2024

(1 April 2024 for

executive director)

Overseing our sales and

marketing afairs

刘子锋先生39执行董事；

亚积邦租赁有限

公司的副总裁

（销售及营销）

2009年4月1日2024年4月1日

（于2024年

4月1日获委任为

执行董事）

监督我们的销售及营销事务

Mr. Nakazawa Tomokatsu

（中泽友克）

52Non-executive

Director

14 December 201814 December 2018Supervising the management

of the Company

中泽友克先生52非执行董事2018年12月14日2018年12月14日监督本公司的管理

Ir Dr. Ho Chung Tai,

Raymond (何钟泰)

86Independent

Non-executive

Director

17 March 201617 March 2016Supervising the management

of the Company

何钟泰博士工程师86独立非执行董事2016年3月17日2016年3月17日监督本公司的管理

Mr. Siu Chak Yu

(萧泽宇)

64Independent

Non-executive

Director

17 March 201617 March 2016Supervising the management

of the Company

萧泽宇先生64独立非执行董事2016年3月17日2016年3月17日监督本公司的管理

概览

下表载列若干有关董事及高级管理层的资料。

DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层

亚积邦租赁控股有限公司 / 2025年报

概览（续）

附注：

，于2018年12

月14日获委任为本公司非执行董事。

董事及高级管理层的业务地址为香港九龙么地道

75号南洋中心第二座8楼806A室。

NameAgePosition

Date of joining

the Group

Date of

apointment

to the curent

position

Responsibilities

in the Group

姓名年龄职位

加入本集团

的日期

获委任目前职位

的日期于本集团的职责

Mr. Li Ping Chi

(retired on

28 August 2024)

(李炳志)

65Independent

Non-executive

Director

17 March 201617 March 2016Supervising the management

of the Company

李炳志先生

（于2024年8月28日

退任）

65独立非执行董事2016年3月17日2016年3月17日监督本公司的管理

Ms. Lam Sau Fung

(林秀凤)

53Independent

Non-executive

Director

28 August 202428 August 2024Supervising the management

of the Company

林秀凤女士53独立非执行董事2024年8月28日2024年8月28日监督本公司的管理

Mr. Shinji Mitsuya

(三矢信二)

71Director of

AP Singapore

3 March 20173 March 2017Overse the operations

busines in AP Singapore,

a subsidiary of the

Company in Singapore

三矢信二先生71AP Singapore董事2017年3月3日2017年3月3日监督本公司于新加坡的

附属公司AP Singapore

的业务营运

Mr. Wong Cheuk Man

(王卓敏)

59Financial controler

& Company Secretary

1 January 20101 January 2010Overseing our financial

management and company

secretarial maters

王卓敏先生59财务总监兼公司秘书2010年1月1日2010年1月1日监督我们的财务管理及

公司秘书事务

Notes:

(1) Mr. Lau is the spouse of Ms. Chan and father of Mr. TF Lau.

(2) Ms. Chan is the spouse of Mr. Lau and mother of Mr. TF Lau.

(3) Mr. TF Lau is the son of Mr. Lau and Ms. Chan.

, and was

apointed as a non-executive Director of the Company on 14 December

2018.

The busines adres of our Directors and senior management is Unit 806A,

8th Flor, Tower I, South Seas Centre, No. 75 Mody Road, Kowlon, Hong

Kong.

OVERVIEW (Continued)

DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层

AP Rentals Holdings Limited / Anual Report 2025

董事

董事会包括七名董事，由三名执行董事、一名非

执行董事及三名独立非执行董事组成。下表载

列有关董事的资料。董事会的职能及职责包括召

开股东会议、于有关会议上报告董事会的工作、

执行有关会议通过的决议案、厘定业务及投资计

划、制定年度预算及决算账目以及制定利润分派

及增加或削减注册资本的方案。此外，董事会负

责根据本公司组织章程细则行使其他权力、职能

及职责。

执行董事

刘邦成先生

执行董事、主席兼行政总裁

刘先生，68岁，于2015年6月11日获委任为执行

董事兼董事会主席，现兼任我们的行政总裁，并

为本公司授权代表之一。刘先生亦担任本公司所

有全资附属公司（亚积邦设备方案有限公司及亚

积邦建设工程机械（上海）有限公司*除外）的董

事、主席兼行政总裁。刘先生担任亚积邦建设工

程机械（上海）有限公司*广州分公司主管。刘先

生主要负责本集团整体管理及业务发展，以及制

定业务策略、方向及目标。刘先生为提名委员会

及风险管理委员会主席以及薪酬委员会成员。刘

先生为New Club House及Great Club House的董事。

于2004年以创办人之一的身分加入本集团前，刘

先生透过于1983年9月至1992年3月在亚积邦建

设机械有限公司及于1992年4月至2014年12月在

亚积邦（集团）有限公司担任董事及管理层职务，

于建设机械业累积逾20年经验。刘先生过往曾管

理或监督本集团各方面事宜，包括业务发展及策

略、财务管理，并管理将向雇员提供的培训。在

刘先生与陈女士的领导下，本集团已与有良好声

誉的建设机械供应商订立策略伙伴协议，并参与

多项地标建设项目。

刘先生为陈女士的配偶及刘子锋先生的父亲。刘

子锋先生已获委任为本公司的执行董事，自2024

年4 月1 日起生效。

，其英文名称仅供识

别。

DIRECTORS

The Board curently consists of seven Directors, comprising thre executive

Directors, one non-executive Director and thre independent non-

executive Directors. The folowing table sets forth information regarding

our Directors. The functions and duties of the Board include convening

shareholders’ metings, reporting on the Board’s work at these metings,

implementing the resolutions pased at these metings, determining

busines and investment plans, formulating our anual budget and final

acounts, and formulating our proposals for profit distributions and for

the increase or reduction of registered capital. In adition, the Board is

responsible for exercising other powers, functions and duties in acordance

with the Articles of Asociation of the Company.

Executive Directors

Mr. LAU Pong Sing 刘邦成

Executive Director, chairman and chief executive oficer

Mr. Lau, aged 68, was apointed as our executive Director and Chairman of

the Board on 11 June 2015 and concurently serves as our chief executive

oficer and is one of the authorised representatives of the Company. Mr.

Lau also serves as the director, chairman and chief executive oficer of al

the wholy-owned subsidiaries of the Company except for AP Equipment

Solutions Limited and AP Rentals (Shanghai) Limited*. Mr. Lau serves as the

head of the branch ofice in Guangzhou of AP Rentals (Shanghai) Limited*.

Mr. Lau is primarily responsible for the Group’s overal management and

busines development, as wel seting our busines strategies, direction and

goals. Mr. Lau is the chairman of our Nomination Comite and the Risk

Management Comite and a member of the Remuneration Comite.

Mr. Lau is the director of New Club House and Great Club House.

Prior to joining the Group in 2004 as one of the founders, Mr. Lau had

acumulated over 20 years of experience in the construction equipment

industry through his directorship in and management of Ajax Pong

Construction Equipment Limited from September 1983 to March 1992

and Ajax Pong (Holdings) Limited from April 1992 to December 2014. Mr.

Lau had in the past managed or oversen various aspects of the Group,

including busines development and strategies, financial management

and management of training to be given to our employes. Under the

leadership of Mr. Lau and Ms. Chan, the Group has entered into strategic

partnership agrements with reputable construction equipment supliers,

and participated in a number of landmark construction projects.

Mr. Lau is the spouse of Ms. Chan and father of Mr. Lau Tsz Fung. Mr. TF Lau

has ben apointed as an executive director of the Company with efect

from 1 April 2024.

* The subsidiary is a wholy foreign owned enterprise and its English name is

for identification purposes only.

DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层

亚积邦租赁控股有限公司 / 2025年报

董事（续）

执行董事（续）

陈洁梅女士

执行董事兼营运总监

陈女士，67岁，自2015年6月11日起担任执行董

事并兼任我们的营运总监。彼负责本集团行政、

财务控制及人力资源。陈女士亦为风险管理委员

会成员。陈女士亦担任本公司所有全资附属公司

（亚积邦设备方案有限公司及亚积邦建设工程机

械（上海）有限公司*除外）的董事兼营运总监。

陈女士担任亚积邦建设工程机械（上海）有限公司*

的法定代表。陈女士为Great Club House及New

Club House的董事。

于2004年以创办人之一的身分加入本集团前，陈

女士于建设机械业累积逾20年经验。彼于1989年

4月至1992年3月担任亚积邦建设机械有限公司

副董事总经理职务及于1992年4月至2014年12月

担任亚积邦（集团）有限公司副董事总经理职务，

期间主要负责企业重组、业务管理控制以及制订

企业行政系统与金融系统。

彼自加入本集团以来，与刘先生紧密合作，拓展

本集团于香港及澳门的业务，并协助制订目前营

运制度与员工福利计划。

陈女士于1978年5月于香港中华基督教青年会取

得秘书文凭，并于1978年春季取得英国伦敦工商

会中级簿记证书。彼亦于1986年10月完成香港生

产力促进局举办的工商业电脑化会计系统培训课

程。

陈女士为刘先生的配偶及刘子锋先生的母亲。

刘子锋先生已获委任为本公司的执行董事，自

2024年4月1日起生效。

，其英文名称仅供识

别。

DIRECTORS (Continued)

Executive Directors (Continued)

Ms. CHAN Kit Mui, Lina 陈洁梅

Executive Director and chief operating oficer

Ms. Chan, aged 67, has ben our executive Director since 11 June 2015 and

also serves as our chief operating oficer. She is in charge of the Group’s

administration, financial control and human resources. Ms. Chan is also a

member of the Risk Management Comite. Ms. Chan also serves as the

director and chief operating oficer of al the wholy-owned subsidiaries of

the Company except for AP Equipment Solutions Limited and AP Rentals

(Shanghai) Limited*. Ms. Chan serves as the legal representative of AP

Rentals (Shanghai) Limited*. Ms. Chan is the director of Great Club House

and New Club House.

Prior to joining the Group in 2004 as one of the founders, Ms. Chan has

acquired over 20 years of experience in the construction equipment

industry. She was principaly responsible for corporate reorganisation,

busines management control, as wel as seting up corporate

administration systems and finance systems, during her positions as deputy

managing director of Ajax Pong Construction Equipment Limited from

April 1989 to March 1992, and deputy managing director of Ajax Pong

(Holdings) Limited from April 1992 to December 2014.

Since joining the Group, she has worked closely with Mr. Lau to expand the

Group’s busines in Hong Kong and Macau and asisted in the set up of our

curent operation system and staf welfare scheme.

Ms. Chan obtained a Secretarial Diploma from the Chinese Young Men’s

Christian Asociation of Hong Kong in May 1978 and an Intermediate Stage

Certificate in Bok-keping from the London Chamber of Comerce and

Industry in Spring 1978. She also completed the Computerized Acounting

System for Comerce and Industry Training Course given by the Hong Kong

Productivity Council in October 1986.

Ms. Chan is the spouse of Mr. Lau and mother of Mr. TF Lau.

Mr. TF Lau has ben apointed as an executive director of the Company

with efect from 1 April 2024.

* The subsidiary is a wholy foreign owned enterprise and its English name is

for identification purposes only.

DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层

AP Rentals Holdings Limited / Anual Report 2025

董事（续）

执行董事（续）

刘子锋先生

执行董事

刘子锋先生，39岁，于2024年4月1日获委任为

本公司的执行董事，并自2016年1月1日起为本

公司间接全资附属公司亚积邦租赁有限公司的副

总裁（销售及营销），监督本集团的销售及营销

部。刘子锋先生亦自2024年10月19日起获委任

为风险管理委员会成员。刘子锋先生主要负责通

过传递最新的市场分析及资讯促进可持续发展，

并与本集团销售团队紧密合作，招揽潜在客户及

合约。其职务及职责包括维持高流量租赁交易以

及与世界各地制造商及供应商保持良好关系。

刘子锋先生于2008年9月获University of California

Santa Barbara颁发商业经济学士学位。加入本

集团前，彼自2008年4月至2008年6月担任亚积

邦（集团）有限公司助理营销主任，负责管理与潜

在客户及海外买家的关系。彼于2009年4月1日

加入亚积邦租赁有限公司担任销售及营销主任，

随后自2016年1月1日起获晋升为副总裁（销售及

营销）。

刘子锋先生为本公司执行董事兼控股东刘先生

与陈女士的儿子。

DIRECTORS (Continued)

Executive Directors (Continued)

Mr. LAU Tsz Fung (刘子锋)

Executive Director

Mr. TF Lau, aged 39, is apointed as our executive Director on 1 April 2024 and

has ben our vice president — Sales and Marketing of AP Rentals Limited, an

indirect wholy-owned subsidiary of the Company, since 1 January 2016, and

overses the sales and marketing department of the Group. Mr. TF Lau is

also apointed as a member of the Risk Management Comite since

19 October 2024. Mr. TF Lau is principaly responsible for encouraging

sustainable development through the delivery of updated market analysis

and information, and works closely with the sales team of the Group in

atracting potential customers and contracts. His roles and duties include

maintaining a high volume of rental transactions and god relationships

with worldwide manufacturers and supliers.

Mr. TF Lau received his Bachelor’s degre in Busines Economics from the

University of California Santa Barbara in September 2008. Prior to joining

the Group, he was a marketing oficer asistant at Ajax Pong (Holdings)

Limited from April 2008 to June 2008, where he was responsible for

managing relationship with potential customers and overseas buyers. He

joined AP Rentals Limited as a sales and marketing oficer on 1 April 2009

and was then promoted as the vice president for sales and marketing since

1 January 2016.

Mr. TF Lau is the son of Mr. Lau and Ms. Chan, who are executive directors

and controling shareholders of the Company.

DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层

亚积邦租赁控股有限公司 / 2025年报

DIRECTORS (Continued)

Non-executive Director

Mr. NAKAZAWA Tomokatsu 中泽友克

Mr. Nakazawa Tomokatsu (中泽友克), aged 52, is the Deputy General Manager

of Overseas Busines Division of Kanamoto Japan. He has over 25 years of

relevant working experience in Kanamoto Japan and its subsidiaries (the

“Kanamoto Group”), and is familiar with busines operations, overseas

busines development plan, and company policy of Kanamoto Group.

He graduated from Tohoku Gakuin University in Japan in 1996 and

obtained a Bachelor degre of Arts in Economics.

Mr. Nakazawa started to develop his carer in construction machinery

busines with Kanamoto Japan imediately after his graduation. He

was asigned to Sendai Sales Branch responsible for al-round sales and

marketing activities of rental, leasing and sale of construction machineries

and equipment. He was then promoted to Chief and Deputy Asociate

Director of Sendai Sales Branch in 1999 and 2001 respectively.

Since 2002, Mr. Nakazawa has ben transfered to various branches and

divisions acountable for sales and marketing management, busines

strategy planing, budget control, customer management and internal

management for construction machinery busines of Kanamoto Group. He

was then transfered to Kyokuto Lease Co., Ltd. (“Kyokuto”), a subsidiary of

Kanamoto Japan and was promoted to Managing Director & Sales General

Manager in 2008. His job duties included total management of Kyokuto

from internal management to busines development. Since 2014, he has

ben Deputy General Manager of Overseas Busines Division responsible

for general management of overseas busineses of Kanamoto Group.

In 2018, Mr. Nakazawa has ben transfered to Kanamoto (HK) Co., Ltd.

(“Kanamoto HK”), a wholy-owned subsidiary of Kanamoto Japan in Hong

Kong, which enriched his experience in the Hong Kong market. He has

ben the Director and the Chief Operating Oficer of Kanamoto HK and was

responsible for the busines management, development, and planing.

Since 2021, he was then transfered to Kanamoto Australia Holdings Pty

Ltd. (“Kanamoto Australia”) and was promoted to Director of Kanamoto

Australia and Deputy Managing Director of Kanamoto Australia’s

subsidiaries. His job duties included total management of Kanamoto

Australia and its subsidiaries from internal management to busines

development as wel as strategic busines planing of Oceania region.

Throughout Mr. Nakazawa’s long carer in Kanamoto Group, he has ben

engaging in the ful spectrum of general management from busines

management to internal management. Through such job duties, he

acquired a clear picture of the busines operations, busines network and

overseas busines development plan. He is familiar with the busines trend

of the industry and market trends of construction machinery in Asian

regions.

董事（续）

非执行董事

中泽友克先生

中泽友克先生，52岁，为金本日本海外业务部

副总经理。彼于金本日本及其附属公司（「金本集

团」）拥有逾25年的相关工作经验，并熟悉金本集

团的业务营运、海外业务拓展计划及公司政策。

彼于1996年自日本东北学院大学毕业，并获颁经

济学文学士学位。

紧随毕业后，中泽先生于金本日本开展建筑机械

业务的职业生涯。彼获分派至仙台销售分公司，

负责出租、租赁及销售建筑机械及设备的全方位

销售及营销活动。彼随后分别于1999年及2001年

获晋升为仙台销售分公司的首席及副助理总监。

自2002年起，中泽先生被调任至不同分公司及部

门，负责金本集团建筑机械业务的销售及营销管

理、业务战略规划、预算控制、客户管理及内部

管理。彼随后被调往金本日本的附属公司Kyokuto

Lease Co., Ltd.（「Kyokuto」），并于2008年获晋升

为董事总经理兼销售总经理。其职责包括Kyokuto

从内部管理至业务发展方面的全面管理。自2014

年以来，彼一直担任海外业务部副总经理，负责

金本集团海外业务的整体管理。

于2018年，中泽先生被调任至金本日本在香港

的全资附属公司金本（香港）有限公司（「金本香

港」），加深了彼在香港市场的经验。彼曾担任

金本香港的董事兼营运总监，负责业务管理、

发展及规划。自2021年起，彼随后被调任至

Kanamoto Australia Holdings Pty Ltd.（「Kanamoto

Australia」），并获晋升为Kanamoto Australia董事

及Kanamoto Australia各附属公司的副董事总经

理。彼的工作职责包括Kanamoto Australia及其附

属公司从内部管理到业务发展的全面管理，以及

大洋洲地区的战略业务规划。

在中泽先生于金本集团的长期职业生涯中，彼一

直从事从企业管理至内部管理方面的全方位整体

管理。通过该等职责，彼清楚了解到业务营运、

业务网络及海外业务拓展计划。彼熟悉亚洲地区

的建筑机械行业务趋势及市场趋势。

DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层

AP Rentals Holdings Limited / Anual Report 2025

董事（续）

独立非执行董事

何钟泰博士工程师

独立非执行董事

何钟泰博士工程师，银紫荆星章，MBE，圣约翰

五级员佐勋衔，太平绅士，86岁，于2016年3月

17日获委任为独立非执行董事。彼为审核委员会

成员。

何博士于土木、结构、环境及岩土工程业累积逾

50年经验，曾直接管理多个大型工程项目。

何博士于1971年6月取得伦敦城市大学土木工程

哲学博士学位，于2001年9月取得曼彻斯特大学

法学荣誉博士学位及于1999年11月取得香港城

市大学工商管理学荣誉博士学位。彼于1963年11

月于香港大学毕业，取得工程学理学士学位，并

于1964年7月取得曼彻斯特大学岩土及基础工程

研究文凭。

DIRECTORS (Continued)

Independent Non-executive Directors

Ir Dr. HO Chung Tai, Raymond 何钟泰

Independent non-executive Director

Ir Dr. Ho Chung Tai, Raymond, SBS, MBE, S.B. St. J., JP, aged 86, was

apointed as our independent non-executive Director on 17 March 2016.

He is a member of our Audit Comite.

Dr. Ho has over 50 years of experience in civil, structural, environmental and

geotechnical enginering industries and has directly managed a number

of mega-sized enginering projects.

Dr. Ho received his degre of doctor of philosophy in Civil Enginering from

the City University of London in June 1971, an Honorary Doctor of Laws

from the University of Manchester in September 2001 and an Honorary

degre of Doctor of Busines Administration from the City University of

Hong Kong in November 1999. He graduated from the University of Hong

Kong in November 1963 with a Bachelor of Science in Enginering and

obtained his Postgraduate diploma for advanced studies in enginering

soil mechanics and foundations from the University of Manchester in July

1964.

DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层

亚积邦租赁控股有限公司 / 2025年报

DIRECTORS (Continued)

Independent Non-executive Directors (Continued)

Ir Dr. HO Chung Tai, Raymond 何钟泰(Continued)

Independent non-executive Director (Continued)

As at the date of the anual report, Dr. Ho served or is curently serving as

director of the folowing listed public companies in Hong Kong:

PeriodOficeListed public company on the Stock Exchange

期间职务联交所上市公众公司

From 16 June 2020 to

17 July 2023

Independent non-executive directorSuperland Group Holdings Limited (stock code: 368)

由2020年6月16日起

至2023年7月17日

独立非执行董事德合集团控股有限公司（股份代号：368）

Since December 2013Independent non-executive directorChinLink International Holdings Limited

(stock code: 997)

自2013年12月起独立非执行董事普汇中金国际控股有限公司（股份代号：997）

Since September 2007Independent non-executive directorGCL Technology Holdings Limited (Formerly known as

GCL-Poly Energy Holdings Limited)

(stock code: 3800)

自2007年9月起独立非执行董事协鑫科技控股有限公司

（前称为保利协鑫能源控股有限公司）

（股份代号：3800）

Since September 1993Independent non-executive directorDeson Development International Holdings Limited

(stock code: 262)

自1993年9月起独立非执行董事迪臣发展国际集团有限公司（股份代号：262）

Other curent apointments and ofices of Dr. Ho are further set out below:

Curent apointments and ofices

目前任命及职务

• Honorary Chairman (since April 2019) and Chairman (from February 2005 to April

2019) of the Guangdong Daya Bay Nuclear Plant and Ling Ao Nuclear Plant Safety

Consultative Comite

（自2019年

4月起）及主席（由2005年2月起至2019年4月）

• Profesional advisor to the Ofice of the Ombudsman of Hong Kong (for the periods

1 July 1995 to 31 March 2013 and 1 October 2015 to 30 September 2021)

（1995年7月1日起至2013年3月31日期间及2015

年10月1日起至2021年9月30日）

董事（续）

独立非执行董事（续）

何钟泰博士工程师（续）

独立非执行董事（续）

于年报日期，何博士曾或现正担任下列香港上市

公众公司的董事：

何博士目前其他任命及职务进一步载列如下：

DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层

AP Rentals Holdings Limited / Anual Report 2025

董事（续）

独立非执行董事（续）

萧泽宇先生

独立非执行董事

萧先生，铜紫荆星章，太平绅士，64岁，于2016

年3月17日获委任为独立非执行董事。萧先生为

薪酬委员会主席，并为审核委员会及提名委员会

成员。

萧先生具备香港法律的执业经验。彼于1983年11

月及1984年7月先后获香港大学颁发法学士学

位及法学专业证书。彼于1986年9月、1990年6

月、1991年2月及1992年9月分别在香港、英格

兰和威尔斯、澳洲首都领地及新加坡获认可为律

师，并于1991年2月成为澳洲的大律师。萧先生

于1997年4月及2000年1月先后获委任为国际公

证人及中国委托公证人，现为希仕廷律师行合伙

人。

自2017年2月1日起直至2023年2月1日，彼为监

护委员会董事局成员。彼亦自2022年7月1日起

为海洋公园公司董事会成员，并自2023年1月1

日起为香港艺术发展局委员。

彼于2020年11月1日至2022年7月28日为地产代

理监管局副主席，并自2022年7月29日起获委任

为主席。

DIRECTORS (Continued)

Independent Non-executive Directors (Continued)

Mr. SIU Chak Yu 萧泽宇

Independent non-executive Director

Mr. Siu, BS, JP, aged 64, was apointed as our independent non- executive

Director on 17 March 2016. Mr. Siu is the chairman of our Remuneration

Comite and a member of each of the Audit Comite and the

Nomination Comite.

Mr. Siu has gained experience in legal practice in Hong Kong. He obtained

a Bachelor of Laws degre and a Postgraduate Certificate in Laws from the

University of Hong Kong in November 1983 and July 1984, respectively.

He was admited as a solicitor in Hong Kong in September 1986, England

and Wales in June 1990, Australian Capital Teritory in February 1991, and

in Singapore in September 1992; and as a barister in Australia in February

1991. Mr. Siu was apointed as a Notary Public in April 1997, a China-

Apointed Atesting Oficer in January 2000, and curently a partner of

Hastings & Co.

He was a board member of the Guardianship Board from 1 February

2017 until 1 February 2023. He is also a board member of the Ocean Park

Corporation since 1 July 2022 and is a member of the Hong Kong Arts

Development Council since 1 January 2023.

He was the vice-chairman of the Estate Agents Authority from 1 November

2020 to 28 July 2022 and is apointed as its chairman since 29 July 2022.

DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层

亚积邦租赁控股有限公司 / 2025年报

董事（续）

独立非执行董事（续）

李炳志先生（自本公司于2024年8月28日举行的

股东周年大会结束时起退任独立非执行董事）

独立非执行董事

李先生，65岁，于2016年3月17日获委任为独立

非执行董事，并自本公司于2024年8月28日举行

的股东周年大会结束时起退任独立非执行董事，

且不再担任审核委员会主席以及薪酬委员会及提

名委员会成员。

李先生具备逾40年会计及审核经验。彼于1982

年8月至1985年2月为香港税务局助理评税主任；

后于1985年3月加入Touche Ros Hong Kong，并

于1989年8月晋升为审核经理；再于1990年4月

因德勤中国与Touche Ros Hong Kong合并而加入

德勤中国，并于1996年6月至2013年5月担任合

伙人。

李先生于1982年11月以优异成绩取得香港理工

大学会计学高级文凭。彼为香港会计师公会员。

DIRECTORS (Continued)

Independent Non-executive Directors (Continued)

Mr. LI Ping Chi 李炳志 (retired as an independent non-executive Director

with efect from the conclusion of the anual general meting of the

Company held on 28 August 2024)

Independent non-executive Director

Mr. Li, aged 65, was apointed as our independent non-executive Director

on 17 March 2016 and retired as the independent non-executive Director,

and ceased to be the chairman of our Audit Comite and a member of

each of the Remuneration Comite and Nomination Comite with

efect from the conclusion of the anual general meting of the Company

held on 28 August 2024.

Mr. Li has over 40 years of experience in acounting and auditing. He was

an asistant asesor for the Hong Kong Inland Revenue Department from

August 1982 to February 1985. He joined Touche Ros Hong Kong in March

1985 and was promoted to the position of audit manager in August 1989.

He later joined Deloite China in April 1990 as a result of its merger with

Touche Ros Hong Kong and had ben a partner from June 1996 to May

2013.

Mr. Li received a higher diploma in acountancy with distinction from the

Hong Kong Polytechnic University in November 1982. He is a member of

the Hong Kong Institute of Certified Public Acountants.

DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层

AP Rentals Holdings Limited / Anual Report 2025

董事（续）

独立非执行董事（续）

林秀凤女士（自本公司于2024年8月28日举行的

股东周年大会结束时起获委任为独立非执行董事）

独立非执行董事

林女士，53岁，于2024年8月28日获委任为独立

非执行董事。林女士为审核委员会主席，并为

薪酬委员会及提名委员会成员。林女士毕业于

香港浸会大学，持有工商管理学士（会计）学位。

彼于2009年1月1日至2020年5月31日期间曾为

香港德勤•关黄陈方会计师行之合伙人。林女士

于2020年7月2日加入德祥地产集团有限公司（「德

祥地产」）担任总经理，该公司已发行股份于香港

联合交易所有限公司（「联交所」）主板上市（股份

代号：199）。彼于2021年2月1日获委任为德祥

地产执行董事及首席财务总监，负责德祥地产之

财务及会计工作。彼亦为德祥地产企业管治委员

会及投资委员会各会成员以及德祥地产多间附属

公司之董事。其后，彼辞任德祥地产执行董事及

首席财务总监，并自2023年4月1日起获委任为

德祥地产高级顾问。彼自2023年10月1日起辞任

该职位。林女士现为彼创办的顾问公司的董事及

执业会计师事务所的董事。彼为香港会计师公会

及特许公认会计师公会之资深会员，并在企业融

资、资本市场交易、会计及审核方面拥有丰富经

验。

高级管理层

我们的高级管理层成员负责本公司业务的日常管

理。概无高级管理层的成员于证券在香港或海外

任何证券市场上市的任何公众公司担任过董事。

三矢信二先生

AP Singapore的董事

三矢先生，71岁，自2017年1月1日起担任本公

司旗下附属公司亚积邦租赁有限公司的顾问。随

著本集团在新加坡设立新公司AP Singapore，彼

于2017年3月3日获委任及委派出任AP Singapore

的董事。

三矢先生的主要职能是凭借本集团在提供解决方

案方面的经验及专业知识在新加坡推出设备出租

业务，以开发南太平洋地区的新市场，从而以长

远策略与日本业务伙伴建立更密切关系及保持更

紧密沟通。

DIRECTORS (Continued)

Independent Non-executive Directors (Continued)

Ms. Lam Sau Fung 林秀凤 (apointed as an independent non-executive

Director with efect from the conclusion of the anual general meting of

the Company held on 28 August 2024)

Independent non-executive Director

Ms. Lam, age 53, was apointed as independent non-executive Director

on 28 August 2024. Ms. Lam is the chairman of our Audit Comite and

a member of each of the Remuneration Comite and Nomination

Comite. Ms. Lam graduated from the Hong Kong Baptist University with

a Bachelor of Busines Administration degre majoring in Acounting. She

was formerly a partner of Deloite Touche Tohmatsu in Hong Kong from 1

January 2009 to 31 May 2020. On 2 July 2020, Ms. Lam joined ITC Properties

Group Limited (“ITCP”), whose isued shares are listed on the Main Board of

The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) (Stock

Code: 199), as general manager. On 1 February 2021, she was apointed as

an executive director and chief financial oficer of ITCP, and was responsible

for the finance and acounting functions of ITCP. She was also a member of

each of the corporate governance comite and investment comite of

ITCP and a director of various subsidiaries of ITCP. She subsequently resigned

as executive director and chief financial oficer of ITCP and was apointed as

a senior consultant of ITCP with efect from 1 April 2023. She resigned from

such position with efect from 1 October 2023. Ms. Lam is presently a director

of a consulting company founded by her, and a director of a certified public

acountant firm. She is a felow of The Hong Kong Institute of Certified Public

Acountants and The Asociation of Chartered Certified Acountants, and

has extensive experience in corporate finance, capital market transactions,

acounting and auditing.

SENIOR MANAGEMENT

Our senior management members are responsible for the day-to-day

management of the Company’s busines. None of the members of our

senior management has ben a director of a public company the securities

of which are listed on any securities market in Hong Kong or overseas.

Mr. MITSUYA Shinji 三矢信二

Director of AP Singapore

Mr. Mitsuya, aged 71, has ben the consultant of a subsidiary of the

Company, AP Rentals Limited, since 1st of January, 2017. In the wake

of establishment of a new company under the Group in Singapore, AP

Singapore, he was apointed and asigned as Director of AP Singapore on

3 March 2017.

Mr. Mitsuya’s main roles are to launch an equipment rental busines in

Singapore capitalizing the Group’s experience and know-how as a solution

provider, to develop a new market in the South Pacific Ocean and to

establish a closer relationship and comunications with Japanese partners

based on long term strategy.

DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层

亚积邦租赁控股有限公司 / 2025年报

高级管理层（续）

三矢信二先生（续）

AP Singapore的董事（续）

加盟本集团之前，彼于2007年至2012年驻足欧

洲，其中三年在法国里昂，三年在荷兰乌特勒

支，担任Furukawa Unic Corporation于当地分公司

的总经理，在欧盟国家建立新销售网络。

彼自1980年代初起于Hokuetsu Industries Co., Ltd.

（2006年前称为Airman air-compresor）涉足海外营

销业务。

三矢先生长期为日本建筑机械制造商工作，透过

与新交易商合作扩阔于环球市场的销售商机，

包括开始在当地生产。彼于1977年3月获Kanto

Gakuin University颁授机械工程学士学位。

王卓敏先生，59岁，为本公司的财务总监、公司

秘书及其中一名授权代表。彼亦为风险管理委员

会成员。彼主要负责本集团的会计、内部监控、

财务报告、资源管理及资讯科技事务。彼亦担任

亚积邦建设工程机械（上海）有限公司*（为本公司

全资附属公司）的监事。

王先生于1999年9月在University of Western Sydney

Nepean毕业，取得商业行政学士学位，并于2001

年11月获香港城市大学颁发国际会计学硕士学

位。王先生累积逾30年会计经验。彼于1987年7

月至1990年4月出任三洋电机（香港）有限公司的

助理会计师；于1990年8月至1994年9月于STD

Holding Ltd.先后担任成本会计师及助理财务经

理。彼于2010年1月加入本集团前，自1994年9

月起担任亚积邦（集团）有限公司的会计经理，其

后晋升为财务总监。

王先生为香港会计师公会员兼英国特许公认会

计师公会资深会员。

我们各名高级管理层于本年报日期前三年间内概

无于上市公众公司担任何其他董事职位。

，其英文名称仅供识

别。

SENIOR MANAGEMENT (Continued)

Mr. MITSUYA Shinji 三矢信二(Continued)

Director of AP Singapore (Continued)

Prior to joining the Group, he has ben in Europe from 2007 to 2012, thre

years in Lyon, France and thre years in Utrecht, Holand as a general

manager of local company of Furukawa Unic Corporation, establishing new

sales chanels in EU countries.

He has ben engaged in overseas marketing since early 1980th at

Hokuetsu Industries Co., Ltd., known as Airman air-compresor until 2006.

Having ben working for a long time for Japanese construction machinery

manufacturers, he expanded sales oportunities through new dealers

including comencement of local production in the global market. He

obtained Bachelor’s degre in Mechanical Enginering from Kanto Gakuin

University in March 1977.

Mr. WONG Cheuk Man (王卓敏), aged 59, is the financial controler,

company secretary and one of the authorised representatives of the

Company. He is also a member of the Risk Management Comite. He is

primarily responsible for the Group’s acounting, internal control, financial

reporting, resource management and information technology afairs. He

also serves as the supervisor of AP Rentals (Shanghai) Limited*, which is a

wholy-owned subsidiary of the Company.

Mr. Wong graduated from the University of Western Sydney Nepean with

a Bachelor’s degre in Busines Administration in September 1999 and

obtained a Master’s degre in International Acounting from the City

University of Hong Kong in November 2001. Mr. Wong has over 30 years

of experience in acounting. He was an asistant acountant at Sanyo

Electric (Hong Kong) Ltd. from July 1987 to April 1990, cost acountant

and later asistant finance manager of STD Holding Ltd. from August 1990

to September 1994. He served as acounting manager and subsequently

financial controler of Ajax Pong (Holdings) Limited from September 1994

prior to joining the Group in January 2010.

Mr. Wong is a member of the Hong Kong Institute of Certified Public

Acountants and a felow member of the Asociation of Chartered Certified

Acountants.

Each of our senior management did not hold any other directorship in

listed public companies in the thre years prior to the date of this anual

report.

* The subsidiary is a wholy foreign owned enterprise and its English name is

for identification purposes only.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 环境、社会及管治报告 ABOUT AP RENTALS 关于亚积邦租赁 AP Rentals Holdings Limited (“AP Rentals” or the “Company”), and its 亚积邦租赁控股有限公司（「亚积邦租赁」或「本 subsidiaries (collectively the “Group”, “We”, “Our” and “Us”) is a leading 公司」）及其附属公司（统称「本集团」、「我们」及 equipment rental service company in Hong Kong, with the capability of 「我们的」）为香港领先的设备租赁服务公司，有 providing equipment rental-related solutions and value-added services to 能力向客户提供设备租赁相关的解决方案及增值 our customers. We focus on construction, E&M engineering, Event, and 服务。我们专注于建筑、机电工程、节目及娱乐 Entertainment equipment, including power and energy equipment, high- 设备，包括电力及能源设备、高空工作设备及物 reach equipment and material handling equipment. Sustainability 料处理设备。由于我们深明我们对社会及环境的 disseminates into our corporate strategy as we recognise our impacts on 影响，故我们的企业策略亦贯彻可持续性。我们 society and environment. We seek to deliver our business in a viable, even- 力求以可行、均衡的方式经营业务，与环境和谐 handed manner and in harmony with our environment. We are committed 共处。我们致力推行环境、社会及管治（「ESG」） to initiating Environmental, Social and Governance (“ESG”) measures to 措施，以营造健康及可持续的生活环境。ESG报 create a healthy and sustainable living environment. The ESG report serves 告旨在披露本集团的ESG绩效及相关ESG举措。 to disclose the Group’s ESG performance and the relevant ESG initiatives. OUR MISSION 我们的使命 To be a socially responsible corporate that brings value-for-money and 成为承担社会责任的企业，透过创新及优质服务 pragmatic one-stop solutions to our customers and communities through 为客户及社区提供物有所值及务实的一站式解决 innovation and quality services. 方案。 REPORTING SCOPE 报告范围 In accordance with Appendix C2 — Environmental, Social and Governance 按照香港交易及结算所有限公司刊发的主板上市 Reporting Guide (the “ESG Guide”) of the Main Board Listing Rules 规则附录C2 — 环境、社会及管治报告指引（「ESG published by the Hong Kong Exchanges and Clearing Limited, we present 指引」），我们呈列截至2025年3月31日止年度（「报 this ESG Report for the year ended 31 March 2025 (the “Reporting Period” 告期间」或「2025财年」）的ESG报告。 or “FY2025”). This ESG Report covers the Group’s principal businesses of construction 本ESG报告涵盖本集团于香港的建筑设备租赁及 equipment leasing and trading services in Hong Kong, which are the key 贸易服务的主要业务，此乃我们ESG管理的重点 area of focus for our ESG management and was prepared in accordance 关注领域，并按照ESG指引编制。 with the ESG Guide. 88 AP Rentals Holdings Limited / Annual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 环境、社会及管治报告 REPORTING PRINCIPLES 报告原则 The Group’s ESG Report conforms to the list of “Reporting Principles” within 本集团的ESG报告符合附录C「2 报告原则」的清单， Appendix C2, in which the preparation and disclosure of information 当中资料的编制及披露遵循以下四项基本原则： follows the underlying four principles: Materiality: Materiality assessments were conducted during the 重要性：于报告期间与主要持份者进行重要性评 Reporting Period with key stakeholders to identify material issues. These 估，以识别重要议题。该等已识别的议题根据其 identified issues are stated and presented according to their importance 重要性于「重要性矩阵」列表内陈述及呈列，各 under the “Materiality Matrix” table, the progression and relevant 议题的进展及相关资料于ESG报告的内容披露。 information within each issue are disclosed within the contents of the ESG Report. Quantitative: Environmental and social performance data were collected 量化：环境及社会绩效数据乃根据ESG指引收集， in accordance with the ESG Guide and relevance to the Group’s targets 并与本集团的目标及ESG方向相关。该等数据均 and ESG direction, these data were finalised and disclosed within the ESG 于ESG报告内落实及披露，以量化方式呈列本集 Report to present the Group’s performance on key performance indicators 团于关键绩效指标（「关键绩效指标」）方面的表现。 (“KPIs”) in a quantitative manner. Balance: The Group presents its performance and describes underlying 平衡：本集团以客观及透明的方式呈列其绩效及 issues in an objective and transparent manner without intentions to skew 描述相关事宜，无意在任何程度上影响我们的业 our results to any degree. This is to allow our readers to assess or reassess 绩。此举可让读者透过本报告所提供的资料评估 the performance of the Group’s ESG performance with the information 或重新评估本集团的ESG绩效。 provided within this report. Consistency: To help readers better compare our results within ESG 一致性：除另有说明外，为帮助读者更好地比较 Reports over time, the Group aims to maintain consistency in its reporting ESG报告中的结果，本集团旨在保持报告方法、 methodology, data and formula consistency unless stated otherwise. 数据及算式的一致性。亚积邦租赁控股有限公司 / 2025年年报 89

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 环境、社会及管治报告 ESG GOVERNANCE ESG管治 The Board of Directors (the “Board”) is responsible for the Group’s ESG 董事会（「董事会」）负责本集团的ESG策略及报告 strategy and reporting. Our management holds the overall responsibility 工作。管理层全面负责监督及管理本集团的ESG for monitoring and managing the Group’s ESG-related risks and the 相关风险及ESG管理制度的成效。我们透过将绿 effectiveness of the ESG management systems. We are committed to 色元素纳入决策当中及于营运与业务活动中实施 achieving sustainable development for the environment, the industry and 绿色常规，致力达致环境、行业及业务的可持续 our businesses by incorporating green elements into our decision-making 发展。我们在各方面的ESG策略、政策及措施详 and executing green practices in our operations and activities. Details of 情于下文各节订明。此外，董事会已审阅本ESG our ESG strategies, policies and measures in various aspects are stipulated 报告，以确保其可平衡展现ESG绩效。 in the below sections. In addition, the Board has reviewed this ESG Report to ensure it presents a balanced picture of our ESG performance. To better implement our ESG policies and measures in the Group, an 为更好地于本集团内实施我们的ESG政策及措施， Environmental, Social & Governance Committee (the “ESG Committee”) 我们已成立环境、社会及管治委员会（「ESG委员 has been established to manage ESG related tasks and directly reporting 会」），以管理ESG相关工作，并直接向董事会报 on progression and updates to the Board. The ESG Committee is headed 告有关进展及最新情况。ESG委员会由营运总监 by the Chief Operating Officer and comprising of representatives from 带领，并包括相关营运及行政职能代表，如采 relevant operations and administrative functions such as purchasing, 购、财务及会计、人力资源及行政、车间、工商 finance and accounting, human resources and administration, workshop, 管理及资讯科技（「IT」）等，确保有效执行ESG政 business administration and information technology (“IT”) etc. to ensure 策及措施。 effective implementation of ESG policies and measures. ESG COMMITTEE ESG委员会 Chief Operating Officer 营运总监 Head of Head of Head of Administration & Head of Purchasing & Accounts & Human Resources Head of Head of Sales and Shipping Finance Department Head of Services Business Information Department Department (including 维修主管 Administration Technology M 销 ark 售 et 及 ing 采购及会计及 training) 工商管理主管资讯科技主管营销主管运输部主管财务部主管行政及人力资源部（包括培训）主管 The objective of the ESG Committee is to provide strategic guidance and ESG委员会的目标为提供策略指引及审视本集团 review the Group’s corporate responsibility, safety management practices 的企业责任、安全管理常规及表现。ESG委员会 and performance. The ESG Committee shall: 应： 1. Define ESG targets and indicators of the Group 1. 界定本集团的ESG目标及指标 2. Ensure the Group’s operations and practices are conducted in 2. 确保本集团的营运及常规乃根据ESG政策 accordance with the ESG policy and targets 及目标进行 3. Perform regular reviews for ongoing monitoring and improvement 3. 定期进行检讨，以持续监控及改善ESG绩 in ESG performance 效 4. Review and approve the annual ESG report 4. 审阅及批准年度ESG报告 5. Identify the emerging ESG issues and recommend the corresponding 5. 识别新出现的ESG事宜及建议对应措施。 measures. 90 AP Rentals Holdings Limited / Annual Report 2025

Head of Administration & Human Resources Department (including training) 行政及人力资源部（包括培训）主管	Head of Services 维修主管

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 环境、社会及管治报告 All members of the ESG Committee are committed to recognising all safety ESG委员会全体成员致力确认本集团的所有安全 issues and promoting safety-related measures in the Group. A formal 问题及推动安全相关措施。ESG委员会每两个月 meeting is held by the ESG Committee on a bi-monthly basis. Existing ESG 举行正式会议。现行ESG政策及措施乃按其影响、 policies and measures are reviewed regarding their impact, efficiency and 效率及成效作检讨，并会就纠正行动（如有）作出 effectiveness, while remedial actions, if any, will be followed up. 跟进。 In pursuing sustainable development, the Group has committed 为推行可持续发展，本集团已投入大量资源于创 substantial resources to innovation and professional development. A key 新及专业发展。移动电源智能系统（「移动电源智 self-developed initiative, the Smart System in Mobile Electricity (“SSME”), 能系统」）为一个关键自主开发项目，代表本集团 represents a significant technological advancement for both the Group 及整个行业的重要科技进步。移动电源智能系统 and the broader industry. Designed to reduce fuel consumption and 旨在减少燃料消耗及在发电过程中减少碳排放， minimise carbon emissions during electricity generation, SSME exemplifies 展示了我们在管理ESG风险的策略方法，并强调 our strategic approach to managing ESG risks and underlining our 我们对可持续发展的承诺。 commitment to sustainability. A top-down risk management framework and Risk Management Policy 我们已制定及采纳由上而下的风险管理框架及风 have been established and adopted to form the basis of our risk 险管理政策，以作为我们风险管理制度的基础， management system and provide directions in identifying, evaluating, and 并为识别、评估及管理重大风险提供方向。董事 managing significant risks. The Board recognises climate change and 会明白到气候变化及可持续性为近年来新兴的议 sustainability as emerging topics in recent years. Therefore, it actively 题。因此，董事会积极管理该等议题并将其纳入 manages and includes them in the annual risk assessment. In addition, the 年度风险评估。此外，董事会已委聘一家国际咨 Board has engaged in an international consulting firm to review and 询公司审阅及建议适当行动，从而确保本公司遵 recommend appropriate actions so as to ensure that the Company is 守香港联合交易所有限公司证券上市规则（「上市 complying with the requirement of the Rules Governing the Listing of 规则」）有关内部监控评估、企业风险管理及企业 Securities on The Stock Exchange of Hong Kong Limited (the “Listing 管治顾问服务的规定。例如，内部监控评估旨在 Rules”) in relation to internal controls assessment, enterprise risk 识别任何潜在风险、监控缺陷及提供适当改善建 management and corporate governance advising services. For example, 议。基于上述评估及相关推荐建议，董事会负责 the internal controls assessment is to identify any potential risks, control 监察有关情况，确保已采取可行的跟进行动以管 deficiencies, and provide appropriate recommendations for improvement. 理有关风险。 Based on the abovementioned assessments and corresponding recommendations, the Board takes a monitoring role to ensure the practical follow-up actions are in place to manage the risks. 亚积邦租赁控股有限公司 / 2025年年报 91

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 环境、社会及管治报告 STAKEHOLDER ENGAGEMENT 持份者参与 AP Rentals focuses on integrating the concept of sustainability into our 亚积邦租赁专注于在我们的日常业务营运中融入 daily business operations. To better understand stakeholders’ needs and 可持续发展理念。为更好地了解持份者的需要及 expectations in our long-term goal of achieving sustainable development, 其对我们达成可持续发展的长远目标的期望，我 we actively seek feedback and opinions from all of our internal and external 们积极寻求所有内部及外部持份者的反馈意见及 stakeholders. We have been engaging with different stakeholder groups 建议。我们于日常营运过程中通过各种沟通渠道 through various communication channels during our regular course of 与不同的持份者群体进行沟通，有关沟通渠道如 operation, which are shown in the table below: 下表所示： Stakeholder Groups Key Communication Channels 持份者组别主要沟通渠道 Employees • Email Communication 雇员 • 电邮沟通 • Internal Meeting • 内部会议 • Employee Training and Activities • 雇员培训与活动 • Performance Appraisal • 绩效考核 Customers • Company Website 客户 • 公司网站 • Customer Hotline and Mail • 客户热线及邮件 • Customer Feedback • 客户反馈 • Industry Events • 行业事件 Suppliers • Quotation and Tendering 供应商 • 报价及投标 • Site-visit and Supplier Evaluation • 实地考察及供应商评估 • Industry Events • 行业事件 92 AP Rentals Holdings Limited / Annual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 环境、社会及管治报告 Stakeholder Groups Key Communication Channels 持份者组别主要沟通渠道 Shareholders and Investors • Press Releases 股东及投资者 • 新闻发布 • Annual Report and Interim Report • 年报及中期报告 • Announcements and Circulars • 公告及通函 • Shareholder’s Meeting • 股东大会 • Company Website • 公司网站 Local Communities • Donation and Community Investment 地方社区 • 捐赠及社区投资 • Community Activities • 社区活动 ESG MATERIALITY ASSESSMENT ESG重要性评估 We have conducted the initial screening to identify the related and 我们已基于亚积邦租赁的业务性质及策略发展方 material ESG issues based on AP rentals’ business nature and strategic 案进行初步筛选，识别相关及重要的ESG议题。 development plan. Stakeholders’ views and concerns over the identified 我们已透过一套ESG调查问卷收集持份者对已识 ESG issues have been collected through a set of ESG questionnaire which 别ESG议题的意见及疑问，而有关问卷已派发至 were distributed to key internal and external stakeholders and the 关键的内部及外部持份者以及上述沟通渠道。与 abovementioned communication channels. The results from the 持份者沟通的结果已进行综合，以排列ESG风险 stakeholder engagement have been consolidated for ESG risks 的优先次序。管理层随后讨论该等议题，以评 prioritisation. These issues were then discussed among the management 估、验证及确定本集团的相关及重大ESG议题。 to evaluate, validate and determine the relevant and material ESG issues of the Group. 亚积邦租赁控股有限公司 / 2025年年报 93

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 环境、社会及管治报告 In FY2025, based on the mentioned materiality assessment, ESG issues that 于2025财年，基于上述重要性评估，与本集团相 are relevant and material to the Group are shown in the table below: 关且重要的ESG议题如下表所示： Aspect ESG Issue 方面 ESG议题 Environment 1. Air pollution 环境空气污染 2. Effluent management 污水管理 3. Waste management 废弃物管理 4. Climate resilience and disaster response 气候抗御及灾难应对 5. Energy use and efficiency 能源使用及效益 6. Water resource use and efficiency 水资源使用及效益 7. Noise nuisance management 噪音滋扰管理 8. Emission of greenhouse gases or other significant gas emission 排放温室气体或其他主要气体排放 Governance 9. Compliance 管治守规 10. Human rights protection 人权保障 11. Equal opportunities 平等机会 12. Staff compensation and welfare 员工待遇及福利 13. Employer-employee relations 劳资关系 14. Safe and healthy working environment 安全与健康的工作环境 15. Staff training and development 员工培训及发展 16. Prevention of child labor or forced labor 防止童工或强制劳工 17. Sustainable & ethical supply chain management 可持续及合乎道德的供应链管理 18. Standardised value chain, service quality and safety 标准化价值链、服务质量及安全 19. Innovation and intellectual property protection 创新及知识产权保障 94 AP Rentals Holdings Limited / Annual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 环境、社会及管治报告 Aspect ESG Issue 方面 ESG议题 Customer/Clients 20. Cybersecurity & data protection 顾客╱客户网络安全及数据保护 21. Customers’ satisfaction 客户满意度 22. Customer information and privacy protection 客户资料及私隐保护 23. Prevention of bribery, extortion, fraud and money laundering 防止贿赂、勒索、欺诈及洗黑钱 Community 24. Promotion of corporate social responsibility 社区促进企业社会责任 25. Community investment and engagement 社区投资及参与 Materiality Matrix 重要性矩阵 sredlohekatS 14 1 性要重的者份持部外对 9 2 23 lanretxE 16 21 22 20 18 ot 3 15 24 ecnatropmI 5 17 19 11 12 13 8 25 10 4 6 7 Importance to Internal Stakeholders 对内部持份者的重要性 Environmental Governance Community Customers/Clients 环境管治顾客／客户社区亚积邦租赁控股有限公司 / 2025年年报 95

Materiality Matrix 重要性矩阵 sredlohekatS 14 1 性要重的者份持部外对 9 2 23 lanretxE 16 21 22 20 18 ot 3 15 24 ecnatropmI 5 17 19 11 12 13 8 25 10 4 6 7 Importance to Internal Stakeholders 对内部持份者的重要性	Materiality Matrix 重要性矩阵 14 1 9 2 23 16 21 22 20 18 3 15 24 5 17 19 11 12 13 8 25 10 4 6 7

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 环境、社会及管治报告 CONSERVING THE ENVIRONMENT 环境保护 As a leading construction machinery leasing service provider, we actively 作为领先的建筑机械租赁服务供应商，我们积极 contribute to building the future of Hong Kong. Our commitment to 为建设香港未来出一分力。我们致力于交付符合 delivering products and services that meet high safety standards and 高度安全标准并提高用户体验的产品及服务，需 enhance user experiences necessitates the consumption of fuel and 要在日常运作中消耗燃料及电力，包括办公室活 electricity in our daily operations, including office activities and equipment 动及设备使用。我们关注对环境的影响，评估营 usage. Mindful of our environmental impact, we evaluate every aspect of 运的每个层面，以确保可持续性及成本效益，始 our operations to ensure sustainability and cost-effectiveness, always 终优先考虑对环境的正面影响以及我们尊贵客户 prioritising a positive environmental impact and the satisfaction of our 的满意度。 valued clients. In our day-to-day operations, we are conscious of our ecological footprint 于我们的日常营运中，我们在意我们的生态足迹 and its effects on both the local community and the broader ecosystem. To 及其对地方社区及广泛生态系统的影响。为确保 ensure transparency and accountability of our environmental impact, our 我们对环境影响的透明度及问责性，本集团采用 Group adopts a systematic approach to assess our carbon footprint across 系统化的方法，评估我们价值链中的碳足迹。我 the value chain. Corresponding mitigation strategies are actively developed 们正积极制定相应的缓解策略，以处理重大环境 to address the significant environmental concerns, compliance obligations 问题、合规责任及持份者期望。 and stakeholders’ expectations. The Group is making continuous improvements in minimising emissions 本集团正不断作出改善，透过引入及使用先进设 through the introduction and use of advanced equipment. For example, 备，尽量减少排放。举例而言，我们已成功推出 we have successfully launched our self-developed mobile power grid, 自主开发的移动电网系统（移动电源智能系统）， SSME, which is an integration of telematics and an auto power supply 一个结合远程信息技术与自动电源供应系统的综 system. SSME can start, synchronise, or stop generating units based on the 合系统。移动电源智能系统可以根据在各种建筑 actual load demand detected across various construction activities and 活动及工地上检测到的实际负载需求启动、同步 sites. In addition, SSME enables staff in remote offices to monitor and 或停止发电单位。此外，移动电源智能系统使遥 control electricity consumption at different construction sites more 距办公室的员工能够通过从发电机自动收集的实 effectively through real-time information automatically collected from 时信息，更有效地监察及控制不同建筑工地的耗 electricity generators. To ensure an uninterrupted power supply, different 电量。为确保不间断的电力供应，不同地点会收 sites receive alerts in different specific fault code and timely follow-up 到不同的特定故障代码警报，并会根据各种事件 services are conducted in response to various incidents. This innovative 作及时跟进服务。此创新系统大大提高能源效 system greatly enhances energy efficiency and reduces energy waste 益，并减少了系统设计中固有的能源浪费。 inherent in the system design. 96 AP Rentals Holdings Limited / Annual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 环境、社会及管治报告 The Company is the member of Business Environment Council (“BEC”), 本公司为商界环保协会（「BEC」）成员，BEC一直 which has been at the forefront of promoting environmental excellence by 站在推动卓越环保的最前线，提倡采用清洁技术 advocating the uptake of clean technologies and practices which reduce 及实践，以减少浪费、节约资源、防止污染，并 waste, conserve resources, prevent pollution and improve corporate 提高企业的环境及社会责任。 environmental and social responsibility. 亚积邦租赁控股有限公司 / 2025年年报 97

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 环境、社会及管治报告 During the Reporting Period, there were no material non-compliance cases 于报告期间，我们并无发现严重违反环境法律及 against environmental laws and regulations identified, including but not 法规的情况，包括但不限于《空气污染管制条例》 limited to the Air Pollution Control Ordinance (Cap. 311 of the Laws of （香港法例第311章）、《废物处置条例》（香港法例 Hong Kong), Waste Disposal Ordinance (Cap. 354 of the Laws of Hong 第354章）及我们营运所在司法权区的法规。 Kong) and regulations in the jurisdictions where we operate. Air Pollution 空气污染 Air emissions, including Nitrogen oxides (“NO”), carbon monoxide (“CO”) 废气排放（包括氮氧化物（「氮氧化物」）、一氧化 x and particulate matter (“PM”), which have negative impacts on both our 碳（「一氧化碳」）及悬浮粒子（「悬浮粒子」）对我们 health and to the environment, are generated mainly from combustion of 的健康及环境均有负面影响）主要来自出租设备 fossil fuels by rental equipment and vehicles. As an equipment rental 及车辆燃烧化石燃料。作为设备出租服务公司， service company, we engage in the rental of equipment and provision of 我们从事出租设备及向客户提供设备相关增值租 equipment related value-added rental services to customers. Our rental 赁服务。我们的租赁客户因使用设备而产生直接 customers generate direct emissions from equipment usage; therefore, we 排放；因此，我们并无直接控制设备操作。就 have no direct control over the equipment operations. Thus, the emission 此，客户的排放数据并无纳入本报告的范围。 data from them are not included in the scope of this Report. Nonetheless, we strive to enhance the energy efficiency of our equipment 尽管如此，我们致力提高设备的能源效益，并采 and embrace energy-saving solutions, aiming to assist our customers in 用节能解决方案，旨在协助客户减少碳足迹。于 reducing their carbon footprint. During the Reporting Period, we provided 报告期间，我们为上市公司等客户提供多种使用 various rental equipment that utilizes biodiesel B-50 or B-100 for our 生物柴油B-50或B-100的租赁设备，以协助彼等 customers, such as listed companies, to assist them in reducing their 减少碳排放。 carbon emissions. Echoing to the Hong Kong government’s vision of “Zerocarbon Emissions • 因应香港政府于《香港气候行动计划2050》中宣布 Liveable City • Sustainable Development” announced in the Hong Kong’s 的「零碳排放•绿色宜居•持续发展」愿景，本集 Climate Action Plan 2050, the Group has set a target to reduce air and 团已设定减少废气及温室气体（「温室气体」）排放 greenhouse gas (“GHG”) emissions: 的目标： 98 AP Rentals Holdings Limited / Annual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 环境、社会及管治报告 Emissions and Pollution Reduction Target 排放与污染减量目标 Leveraging green technology and machines to move towards carbon 利用绿色科技及机械朝著减碳及提升能源效率的 reduction and enhance energy efficiency. 目标迈进。 In particular, the following measures have been adopted for achieving our 具体而言，我们为达成目标采取以下措施： target: • Replacing old machines/vehicles with Euro V/VI standard ones • 及时以欧盟V/VI标准机器╱汽车取代旧机 timely; 器╱汽车； • Purchasing more brand new machines and keeping the equipment • 购买更多全新机器及将设备出租机队维持 rental fleet in young age (i.e., on average less than five years); 于较短机龄（即平均少于五年）； • Using Ultra Low Sulphur Diesel in machines/vehicles; • 机械╱汽车使用超低硫柴油； • Switching off idle plant/equipment; • 关掉闲置机械╱设备； • Replacing fossil fuels with biodiesel as an alternative to conventional • 用生物柴油替代化石燃料，作为传统燃料 fuel and energy source with reducing emission of GHG pollutants; 及能源的替代品，减少温室气体污染物排放； • Conducting weekly self-monitoring of machine exhaust (e.g., using • 每周进行自我监察机器排气（例如使用力高 Ringelmann Smoke Chart method to perform a visual inspection on 文图表(Ringelmann Smoke Chart)方法以视 exhaust) to check for compliance and keeping records; 觉检查排气）以查核是否合规并保存记录； • Performing regular repair and maintenance on machines/vehicles to • 对机器╱汽车进行定期维修及保养，确保 ensure their operating efficiency; 其营运效率； • Complying with environmental requirements set out by • 遵守环境保护署（「环保署」）规定的环保要 Environmental Protection Department (“EPD”), such as Non-road 求，例如非道路移动机械（「NRMM」）规例 Mobile Machinery (“NRMM”) regulation and Quality Powered 及优质机动设备（「QPME」）标准； Mechanical Equipment (“QPME”) standard; • To help mitigate noise pollution across the HKSAR, we invested in • 为了协助减轻香港特区各地的噪音污染， both “Ultra-silence” and “Soundless” generators; 我们投资了「超静音」及「无声」发电机； • Providing emission data of machines leased upon the request from • 应客户要求提供租赁机器的排放数据； customers; • Using water spray or tarpaulin covers to alleviate blowing dust; • 使用喷水装置或防水布以减少粉尘；亚积邦租赁控股有限公司 / 2025年年报 99

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 环境、社会及管治报告 • Promoting the use of the SSME solution and the use of biodiesel • 向客户推广使用移动电源智能系统解决方 with the Battery Energy Storage System in the SSME system to 案，以及于移动电源智能系统中使用附带电 customers, which is more energy-efficient when comparing with the 池储能系统（Battery Energy Storage System）的 generator-centered power supply system. 生物柴油，相较以发电机为中心的供电系统，该等解决方案具有较佳能源效益。 During our daily operation, we only generate limited direct air emissions 于日常营运中，我们仅于机器维修及保养、交付 during machinery repair and maintenance, pre-delivery and after hiring 前及租用测试及运输过程后产生有限的直接废气 testing and transportation processes; the direct emission data1 during the 排放；于报告期间的直接排放数据1如下： Reporting Period were as follows: Quantity Intensity (kg) (kg/machine lease) 数量密度（千克）（千克╱机器租赁） For the year ended 31 March 截至3月31日止年度 2025 20243 2023 2025 20243 2023 Air emissions2 废气排放2 2025年 2024年 3 2023年 2025年 2024年 3 2023年 NO 氮氧化物 779 818 775 0.72 0.64 0.61 x CO 一氧化碳 376 390 375 0.35 0.31 0.29 PM 悬浮粒子 57 63 57 0.05 0.05 0.04 1 The direct air emissions are calculated with reference to the “Reporting 1 直接废气排放乃参考香港交易及结算所有限公司 Guidance on Environmental KPIs” issued by the Hong Kong Exchanges and 发出的「环境关键绩效指标汇报指引」、美国环境 Clearing Limited, Tier 1, 2, and 3 standards and Tier 4 standards for non-road 保护局发出的非道路柴油机一级、二级及三级标 diesel engines issued by the United States Environmental Protection Agency 准及四级标准，以及英国商业、能源与工业策略 and UK Government Conversion Factors for Greenhouse Gas (GHG) Reporting 部发布的英国政府温室气体报告换算系数计算。 published by the Department for Business, Energy and Industrial Strategy in the UK. 2 Emissions of sulphur oxides were considered immaterial to the Group and 2 硫氧化物排放被视为对本集团而言并不重大，故 hence has been excluded from the scope of reporting. 此已自报告范围中摒除。 3 The overall increase in air emissions (NO , Co and PM) was primarily attributed 3 废气排放（氮氧化物、一氧化碳及悬浮粒子）整体 x to a significant rise in fuel provided to customers (as per their requests), 有所增加，主要由于（按照客户要求）向其提供的 which resulted in higher emissions. Meanwhile, the air emission intensity had 燃料大幅增加，导致排放量增加。同时，废气排 been maintained at the similar levels as the previous year. 放密度则维持在与去年相若的水平。 100 AP Rentals Holdings Limited / Annual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 环境、社会及管治报告 Going forwards, we aim to reduce air emission intensity by effective 面向未来，我们的目标是透过有效实施上述废气 implementation of the above-mentioned air emission reduction measures. 减排措施来降低废气排放强度。 Meanwhile, greenhouse gases (“GHG”) are mainly generated directly from 同时，由于化石燃料的燃烧，温室气体（「温室气 the operating machines due to the combustion of fossil fuel and indirectly 体」）主要直接来自操作机器及间接来自于电力的 from the consumption of electricity. At AP Rentals, we conduct regular 消耗。于亚积邦租赁而言，我们根据相关标准进 energy audits in accordance with relevant standards to gain insights into 行定期能源审核，以了解我们的营运情况并识别 our operations and identify recommended strategies for the future. These 未来的建议策略。这些审计使我们能够评估能源 audits enable us to assess our energy consumption, identify areas for 消耗，识别改进范围，并实施有效措施以提高能 improvement, and implement effective measures to enhance energy 源效率。亚积邦租赁未来亦致力降低其温室气体 efficiency. AP Rentals is also committed to reducing its GHG emission 排放密度。 intensity going forward. The GHG emissions4 during the Reporting Period were: 报告期间的温室气体排放4为： Quantity Intensity (tonnes COe) (kg COe/machine lease) 2 2 数量密度（吨二氧化碳当量）（千克二氧化碳当量╱机器租赁） For the year ended 31 March 截至3月31日止年度 2025 2024 2023 2025 2024 2023 GHG Emissions 温室气体排放 2025年 2024年 2023年 2025年 2024年 2023年 Scope 1 (Direct emission from 范围1（来自化石燃料及 combustion of fossil fuels 生物柴油燃烧的 and biodiesel) 直接排放） 554 5 831 6 646 511 589 506 Scope 2 (Indirect emission 范围2（来自电力的 from electricity) 间接排放） 87 89 84 81 63 66 Scope 3 (Indirect emission from 范围3（来自用水及 use of water and paper waste) 废纸的间接排放） 3 7 7 3 5 5 4 The GHG emissions are calculated with reference to the “Reporting Guidance 4 温室气体排放乃经参考香港交易及结算所有限公 on Environmental KPIs” issued by the Hong Kong Exchanges and Clearing 司发出的《环境关键绩效指标汇报指引》及英国商 Limited and UK Government Conversion Factors for Greenhouse Gas (GHG) 业、能源与工业策略部发布的英国政府温室气体 Reporting published by the Department for Business, Energy and Industrial 报告换算系数计算。 Strategy in the UK. 5 The decrease in GHG emissions is primarily due to a shift to a more 5 温室气体排放减少主要由于本集团转用更环保的 environmentally friendly energy mix for the Group, including usage of 能源组合（包括使用生物柴油）所致。 biodiesel. 6 For more details, please refer to footnote 3. The increase was primarily caused 6 更多详情请参阅注释3。有关增加主要由于废气 by the overall increase in air emissions (NO, CO, and PM). 排放（氮氧化物、一氧化碳及悬浮粒子）整体增加 x 所致。亚积邦租赁控股有限公司 / 2025年年报 101

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 环境、社会及管治报告 Waste Management 废弃物管理 Wastes are generated from both workshop operations and office 废物源自车间作业及办公室行政工作，部分车间 administrative works, while part of the workshop operation wastes are 作业的废物根据《废物处置条例》界定为有害。因 hazardous as defined by the Waste Disposal Ordinance (“WDO”). Therefore, 此，为有效识别、监察及控制废弃物问题，我们 to effectively identify, monitor and control the waste issue, we have 已采纳标准方法，包括采取适当行动解决有关问 adopted a standard approach which include appropriate actions to tackle 题，并展示我们对废弃物可持续性的支持。 the issue and demonstrate our support to waste sustainability. • Procurement: Ensuring only needed resources and a suitable • 采购：确保仅需要的资源及采购其合适数 amount of them are purchased to prevent over-storage and wastage 量以防止过度存储及浪费 • Handling: Ensuring separation of hazardous wastes from general • 处理：确保有害废弃物与一般废弃物分开 wastes 废弃物 • Storage: Storing hazardous wastes in suitable containers with labels • 储存：将有害废弃物存放在附有标签的合 for identity; meanwhile securing storage room to prevent 适容器以作识别；并为储藏室加设保安措 unauthorised access 施以防止未经授权人士进入 • Awareness: Providing toolbox talk to staff for advising on types of • 意识：为员工提供工具箱讲解，就各类有 hazardous wastes, handling method and storage location 害废弃物提供意见、处理方法及储存地点 • Disposal: Engaging only licensed and qualified hazardous waste • 处置：仅委聘持牌及合资格的有害废弃物 collectors for removal of such wastes 的收集商，以移除该等废弃物 The Group adheres strictly to all relevant laws and regulations in managing 本集团严格遵守所有相关法律及法规管理营运过 the hazardous waste generated during our operations, with on-site 程中产生的有害废物，并设有现场处理方案，聘 treatment protocols in place and licensed contractors engaged for waste 请持牌承包商进行废物收集及处理。虽然会产生 collection and disposal. While hazardous waste is generated, a significant 有害废弃物，但我们办公室营运所产生的废弃物 portion of the waste from our office operations is non-hazardous. 中有大部分为无害废弃物。 Despite the potential for increased waste consumption due to customer 尽管客户需求可能导致废弃物耗量增加，但亚积 demands, AP Rentals strives to reducing its overall waste intensity through 邦租赁仍努力通过实施各种废物管理措施以减少 the implementation of various waste management measures, including 总体废弃物密度，包括但不限于在未来向客户增 but not limited to increasing the promotion of the SSME towards our 加推广移动电源智能系统，原因是移动电源智能 customers in the coming future for the SSME can definitely reduce the 系统绝对能降低总体废弃物。我们将继续探索改 wastage. We will continue to explore opportunities to improve how wastes 善废物管理方式的机会，并努力迈进成为对环境 are managed and strive forward as an environmentally responsible 负责的企业，故此，本集团已设定目标减少废弃 operation, and therefore the Group has set target to reduce waste and 物并推广循环再用： promote recycling: Resource Efficiency Target 资源效益目标 Continuing to spread the Group’s green philosophy — “Reduce, 持续推广本集团的绿色理念 —「减少、重用、回 Reuse, Recycle, Repurpose and Upcycle” to reduce the disposal of 收、再用及再造」，减少弃置无害废弃物。 non-hazardous waste. 102 AP Rentals Holdings Limited / Annual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 环境、社会及管治报告 The following waste reduction measures have been carried out within our 我们已于营运中推行下列减废措施以达成目标： operations for achieving our target: • Re-using used envelope/paper; • 重用曾经使用的信封╱纸张； • Using Forest Stewardship Council (“FSC”) certified paper; • 使用森林管理委员会（Forest Stewardship Counci（l「FSC」））认证的纸张； • Assigning appropriate staff to manage collection facilities; • 指派合适的员工管理收集设施； • Checking the proper usage of collection facilities and providing • 检查收集设施的正确使用情况，并提供相 training correspondingly to nurture the awareness; 应培训以培养意识； • Maintaining complete recycling/waste collection records for future • 保存完整的回收╱废弃物收集记录供日后 reference; 参考； • Collecting used paper for recycling purposes; • 收集使用过的纸张作回收用途； • Providing reusable towel instead of paper towel in the pantry for • 在茶水间提供可重复使用的毛巾代替纸巾 drying utensils; 以抹干器具； • Providing durable utensils in pantry to discourage using disposable • 在茶水间提供耐用餐具，避免使用即弃式 plastic ones; 塑胶餐具； • Using common drive to share company information, if deemed • 使用共用磁碟机以分享公司资料（如视为适 appropriate, instead of circulating print out copies; 当），而非传阅打印本； • Providing and maintaining recycling bins in different colours to • 提供及设置不同颜色的回收箱以有助进行 facilitate metal, plastic and paper wastes collection and recycling; 金属、塑胶及废纸收集及循环再用； • Using e-Banking and Autopay instead of issuing cheques to minimise • 使用电子银行及自动转账代替印发支票， the use of paper and envelope; and 以尽量减少使用纸张及信封；及 • Using Excel logbook to record and monitor the usage of paper by • 使用Excel记录簿记录及监察影印机纸张的 photocopiers. 使用情况。亚积邦租赁控股有限公司 / 2025年年报 103

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 环境、社会及管治报告 During the Reporting Period, we implemented initiatives to substantially 于报告期间，我们实施多项措施，大幅减少本集 reduce waste disposal by the Group, at the same time, helped saving 团的废物处理量，同时亦有助节省采购成本。回 purchasing costs. Recycled items include: 收物品包括： Quantity 数量 For the year ended 31 March 截至3月31日止年度 Recycling Unit 2025 2024 2023 回收单位 2025年 2024年 2023年 Paper Kg 810 7 380 8 110 纸张千克 Aluminium cans Kg 4 15 18 铝罐千克 Plastic bottles Kg 2 2 3 胶樽千克 Glass bottles Kg 1 2 2 玻璃樽千克 Florescent tubes Kg 14 7 4 8 荧光管千克 Toner cartridge Kg 4 2 6 碳粉盒千克 7 The increase in the recycled waste is primarily due to one-time office 7 回收废弃物增加主要由于一次办公室内务管理工 housekeeping. 作所致。 8 The increase in paper recycling was primarily due to a one-time 8 增加纸张回收主要由于为配合香港都市固体废物 housekeeping effort in anticipation of the Hong Kong Municipal Solid Waste 收费计划而进行的一次内务管理工作所致。 charging scheme. 104 AP Rentals Holdings Limited / Annual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 环境、社会及管治报告 The significant hazardous and non-hazardous wastes generated directly by 本集团于报告期间直接产生的主要有害及无害废 the Group during the Reporting Period include: 弃物包括： Quantity 数量 For the year ended 31 March 截至3月31日止年度 Waste Unit 2025 2024 2023 废弃物单位 2025年 2024年 2023年 Hazardous waste Lubricant Litre 23,200 9 17,400 24,600 有害废弃物润滑剂公升 Battery Tonnes 32.29 9 2.09 68.2 电池公吨 Non-hazardous waste Paper Tonnes 1.1 1.1 1.1 无害废弃物纸张公吨 To raise awareness of our employees and stakeholders regarding 本集团已参与减废标志计划（会员编号：WW– environmental protection, the Group had joined the Wastewi$e Label 8339–5613），务求提高我们雇员及持份者对环保 (Membership No.: WW-8339-5613). The Group is committed to meeting 的意识。本集团致力达到减废要求，并已根据我 waste reduction requirements and initiated various activities aimed at 们的目标开展各种环保活动。本集团已完成九个 environmental conservation in alignment with our objectives. The Group 减废目标，并已申请「卓越级别」减废证书。本 has accomplished nine waste reduction targets and applied for Wastewi$e 集团亦已获环境运动委员会颁发香港绿色机构认 Certificate with “Class of Excellence”. The Group has also been awarded the 证（「HKGOC」）的「减废证书 — 卓越级别」（过往 “Wastewi$e Certificate — Excellence Level” under the Hong Kong Green 获颁基础级别）。为了推广循环再用及减少废物， Organisation Certification (“HKGOC”) by the Environmental Campaign 我们于多个工作地点放置回收箱，以收集已使用 Committee (previously awarded with Basic Level). To promote recycling 的胶樽、玻璃樽及铝罐。此外，我们一贯强调回 and waste reduction, we have placed recycling bins in various work 收的重要性，并积极鼓励员工在日常生活中减少 locations to collect used plastic bottles, glass and aluminium cans. In 废物的产生。 addition, we consistently emphasise the significance of recycling and actively encourage our employees to minimise waste generation in their daily lives. 9 The increase in hazardous waste is primarily due to the Group’s periodic bulk 9 有害废弃物增加主要由于本集团定期大量采购及 purchase and disposal of batteries, which are replaced approximately every 处置电池所致，而电池则根据其平均寿命周期约 two years in line with their average life cycle. Despite these fluctuations, the 每两年更换一次。尽管存在该等波动，过去三年 overall hazardous waste levels have remained consistent on average over the 的整体有害废弃物的平均值仍维持一致。 past three years. 亚积邦租赁控股有限公司 / 2025年年报 105

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 环境、社会及管治报告 Energy, Water Use and Efficiency 能源、水资源使用及效益 We recognise the scarcity of resources, particularly fossil fuels, and the 我们深明资源（特别是化石燃料）的稀有性及其燃 adverse environmental consequences associated with their combustion. 烧对环境造成的不利后果。因此，我们致力减少 Therefore, we strive to reduce energy consumption and enhance operating 能源消耗，提高经营效益，以保护资源及促进可 efficiency to conserve resources and promote sustainability. Furthermore, 持续发展。此外，减少能源耗量不仅符合我们的 the reduction in energy usage not only aligns with our environmental 环保目标，亦为我们带来财政诱因，可用于采取 objectives but also provides financial incentives that can be allocated 相关技术及措施。 towards the adoption of relevant technologies and initiatives. The major resources used by the Group include diesel and petrol for 本集团使用的主要资源包括用于机械及汽车的柴 machinery and vehicles, as well as electricity, town gas and water for 油及汽油，以及业务运营使用的电力、煤气及 business operations. The consumption data during the Reporting Period 水。于报告期间的消耗数据如下10： were as follows10: Intensity Quantity (per machine lease) 密度数量（按机器租赁） For the year ended 31 March For the year ended 31 March 截至3月31日止年度截至3月31日止年度 Resources Unit 2025 2024 2023 2025 2024 2023 资源单位 2025年 2024年 2023年 2025年 2024年 2023年 Diesel Litre 169,551 300,769 232,318 156 213 182 柴油公升 Petrol Litre 13,799 14,607 13,203 13 10 10 汽油公升 Electricity kWh 230,095 227,705 215,518 163 161 169 电力千瓦时 Biodiesel11 Litre 59,950 N/A 不适用 N/A 不适用 7 N/A 不适用 N/A 不适用生物柴油11 公升 Town gas12 Unit 0 217 283 0 0.15 0.22 煤气12 单位 Water m3 2,780 2,745 2,531 2 2 2 水立方米 10 The amounts represent the resources directly controlled and consumed by 10 有关数量指本集团于报告期间直接控制并耗用的 the Group during the Reporting Period. Indirect resources consumptions (i.e., 资源。不包括间接耗用资源（即本公司的客户及 those consumed by its customers and other third parties engaged by the 所委聘的其他第三方所耗用者）。 Company) are excluded. 11 Biodiesel is a new type of resources used by the Group during the Reporting 11 生物柴油为本集团于报告期间使用的一种新 Period. 型资源。 12 Towngas usage for FY2025 is reported as zero due to the discontinuation of 12 2025财年的煤气用量报告为零，原因为停止 use of the director’s quarter, which was the sole source of Towngas 使用董事宿舍，即过往年度煤气消耗的唯一 consumption in previous years. 来源。 106 AP Rentals Holdings Limited / Annual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 环境、社会及管治报告 To better track and monitor the daily recourse consumption involved in 为更好地追踪及监察我们营运涉及的日常资源耗 our operation, we have adopted a recourse monitoring mechanism to 用量，我们已采纳资源监察机制，协助进行资源 facilitate the analysis of resources efficiency and identify improvement 效益分析，并识别改进的机会。另外，我们已在 opportunities. In addition, we have implemented a green office approach 办公室内采用绿色办公方针，以减少办公设备的 within our offices to minimise energy consumption by office equipment. 能源消耗。同时，我们积极透过工作坊及内部交 Meanwhile, we actively promote green awareness among our employees 流来提高雇员的环保意识，以培养整个组织内可 through workshops and internal communications to cultivate a sustainable 持续发展的意识。 mindset throughout the organisation. Going forward, AP Rentals is committed to improve energy efficiency in its 展望未来，亚积邦租赁致力提高其于营运中的能 operations and reduce energy consumption where applicable to minimise 源效益，并在适用情况下减少能源消耗，尽量减 our impact on the environment. The Group has set target to reduce energy 低我们对环境造成的影响。本集团已设定目标以 consumption: 减少能源消耗： Energy Efficiency Target 能源效益目标 Implementing energy-saving measures to create an environmentally 实施节能措施，创造提倡环保意识并著重节能的 conscious workplace with the emphasis on energy conservation. 工作场所。 For energy conservation in business operations, the Group adopts a holistic 就业务营运上的节能工作而言，本集团采取全面 energy-saving management approach under which the following 节能管理方针，并据此采纳以下措施： measures have been adopted: • Opting for energy-saving equipment such as LED/T5 fluorescent • 选用LED/T5荧光管等节能设备取代传统灯 tubes rather than traditional light bulbs, and Grade 1 Energy label air 泡，采用一级能源标签空调； conditioners; • Using separate switches to control air conditioners and lightings in • 使用独立开关制来控制办公室内各区的空 different zones of office; 调及灯光； • Maintaining air conditioner temperature at 25.5 degree Celsius and • 将空调温度维持于摄氏25.5度；于工作场 posting such friendly reminders in the workplace; 所张贴有关温馨提示标语； • Posting energy-saving labels in the workplace; • 在工作场所张贴节能标签； • Switching off idle lightings; and • 关掉不使用的灯具；及 • Using more energy-efficient, reliable and cost-effective ways to • 使用更具能源效益、可靠及具成本效益的 provide electricity to the electrically powered equipment for our 方式，为客户的用电设备提供电力。 customers. 亚积邦租赁控股有限公司 / 2025年年报 107

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 环境、社会及管治报告 Despite not being a water-intensive industry, we are equally care about 尽管我们并非耗水行业，我们同样重视水资源保 conserving water resources and work towards reducing our Group’s water 护，并致力减少本集团的水足迹。我们在营运中 footprint. Initiatives such as installing high-pressure faucets and promoting 已积极实施措施，例如安装高压水龙头及推广节 water-saving awareness programs have been actively implemented across 水意识计划等。 our operations. Although water is a not a material resource to our operations, we are aware 尽管水对我们的营运而言并非重要资源，惟我们 of its scarcity and its vulnerability to waste and pollution. The Group has set 意识到水的稀缺性及其容易被浪费及污染。本集 target to reduce water consumption: 团已设定目标以减少用水： Water Efficiency Target 用水效益目标 Continuing to cultivate awareness in water conservation among 持续培育雇员节约用水意识，确保可持续用水管 employees to ensure sustainable water management. 理。 The Group has no issue sourcing water for its operations since its principal 由于本集团在香港的主要经营处所拥有市政供 operating premises in Hong Kong have a municipal water supply. In 水，故并无有关采购水源以供业务使用的问题。 addition, due to our business nature, we do not produce a significant 此外，鉴于我们的业务性质使然，我们于报告期 amount of sewage during the Reporting Period. Therefore, disclosure in 间并无产生大量污水。因此有关排水的披露并不 relation to water discharge does not apply. 适用。 Other Environmental Impacts 其他环境影响 In addition to emissions control and resources conservation, we exert 尽管本集团概无造成其他上述排放以外的重要环 ourselves in minimising all negative impacts on the environment and 境影响，除管制排放物及节约资源外，我们亦尽 natural resources, even though there are no other significant 量减少对环境及天然资源的所有负面影响。 environmental impacts except for the emissions described above. The Group has established a sound risk management system led by the 本集团已建立由风险管理委员会领导的健全风险 Risk Management Committee. It manages the overall risk level of the 管理制度，其管理本集团的整体风险水平，在考 Group, which gives appropriate priority when taking environmental risks 虑环境风险时给予适当的优先次序，其中包括营 into consideration, among other operating risks. Significant environmental 运风险。我们已识别重大环境风险以制定适当缓 risks are identified for developing adequate mitigation plans. We ensure 解方案。我们确保为实施有关缓解计划部署足够 sufficient resources are deployed for the implementation of these 资源，以减低环境风险。 mitigation plans to reduce environmental risks. The Group upholds the principle of environmental protection and executes 本集团秉持环保原则，著重每个执行细节。举例 in every detail. For instance, we consume no shark fin or other endangered 而言，我们在任何公司宴会或活动中绝不食用鱼 species at any company banquets or events. 翅或其他濒危物种。 Furthermore, the Group has not used a significant amount of packaging 此外，本集团于报告期间并未使用大量包装材 materials during the Reporting Period, and therefore disclosure in relation 料，因此有关包装材料的披露并不适用。 to packaging materials does not apply. 108 AP Rentals Holdings Limited / Annual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 环境、社会及管治报告 Climate Change 气候变化 We believe that businesses across all sectors have a crucial role to play in 我们认为各行各业在保护地球和减缓气候变化方 safeguarding our planet and mitigating climate change to reduce the 面担当著至关重要的角色，以减少恶劣天气事件 frequency of adverse weather events and natural disasters, which can have 及自然灾害的出现，这些灾害可能对经济造成不 detrimental effects on economies and disrupt our day-to-day operations. 利影响并扰乱我们的日常运作。为减少极端天气 We have also conducted preliminary simulations and forecasts to estimate 情况造成的潜在损失，我们亦已进行初步模拟及 the impacts to our staff and assets, including our office premises and 预测，估计其对我们员工及资产（包括办公室物 equipment, in order to mitigate the potential losses brought by the 业及设备）的影响。标准作业程序及政策认知到 extreme weather conditions. Our standard operating procedure and policy 极端天气情况的严重性，并准备透过采取预防措 acknowledges the severity of extreme weather situations and is prepared 施、确保在紧急情况下的适当反应及进行极端天 to manage its risks accordingly by taking preventive measures, ensuring 气后的维护活动以管理相应的风险。 appropriate responses during emergencies and conducting post-extreme weather maintenance activities. Our pre-inclement weather checklist outlines measures to be taken 我们的恶劣天气前检查表概述在发布3号及以上 promptly after the issuance of tropical storm signals 3 and above. This 热带风暴信号后应及时采取的措施。该检查表旨 checklist is designed to ensures that our assets are properly protected and 在确保我们的资产获得适当的保护，并将潜在的 potential damage is minimised. In the event of an emergency, our 损害降到最低。在紧急情况下，我们的紧急应变 Emergency Response Plan provides detailed guidance to our employees 计划为雇员提供有关在台风或强风期间应采取必 on the necessary actions to take during typhoons or strong winds. These 要行动的详细指引。这些行动包括但不限于避开 actions include, but are not limited to, avoiding locations prone to falling 容易坠落物体的位置，并确保在从插座上拔下插 objects and ensuring that power supplies are turned off with plugs 头的情况下关闭电源。在事件之后，我们的恶劣 removed from outlets. Following the event, our post-inclement weather 天气后检查表具体说明在8号台风信号解除后应 checklist specifies steps to be taken after a typhoon signal 8 has been lifted, 采取的步骤，包括彻底清理和全面检查机器，以 including thorough clean-ups and comprehensive inspections of 验证我们设施的安全水平并确定尽快恢复营运的 machinery to verify the safety levels of our facilities and determine the 可行性。 feasibility of promptly resuming operations. VALUE OUR EMPLOYEE 重视员工 As a responsible employer, AP Rentals places a strong emphasis on ensuring 作为负责任的雇主，亚积邦租赁非常重视确保我 that our talent policies and practices comply with local labour laws and 们的人才政策及常规符合当地劳工法律及法规。 regulations. Our Human Resources Department monitors and develops 我们的人力资源部门监察有关劳工法及法规的最 responsive policies for up-to-date information on labour laws and regulations 新资料，并制定应对政策，在人力资源过程中实 and establishes appropriate internal controls in the human resource 施适当的内部监控，以确保合规情况。于报告期 processes to ensure compliance. During the Reporting Period, the Group 间，本集团已制定独立的人权政策，涵盖雇佣、 established a standalone Human Rights Policy, covering employment, 解雇、薪酬与福利、劳资关系、工作环境、员工 termination, remuneration and welfare, employer-employee relations, 发展、童工或强制劳工及平等机会等方面，为雇 working environment, staff development, child labor or forced labor and 员提供更全面的关怀。 equal opportunity, providing more comprehensive care for our employees. The Group is committed to establishing and maintaining a safe working 本集团致力为雇员建立及维持安全的工作环境， environment for our employees to raise occupational safety and health 提高职业安全与健康意识，并尽量减少我们营运 awareness and minimise the potential risks and hazards in our operation. 的潜在风险及危害。我们的设施及设备会定期进 Regularly cleaning, sanitising, and disinfecting surfaces in our facilities and 行清洁、消毒及表面除菌以减少病菌散播，确保 equipment were implemented to reduce the spread of germs to ensure 雇员健康及安全。我们亦已于有需要时采取弹性 the health and safety of employees. We have also adopted flexible working 工作时间及在家工作的政策，以促进健康的生活 hours and work-from-home policies if necessary to promote a healthy 工作平衡，改善雇员的工作健康及福祉。 work-life balance for enhancing employees’ health and wellbeing at work. 亚积邦租赁控股有限公司 / 2025年年报 109

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 环境、社会及管治报告 To attract and retain our talents, the Group provides a competitive 为吸引及挽留人才，本集团提供具竞争力的薪酬 compensation package. Our remuneration package is determined based on 待遇。我们的薪酬待遇乃根据市场趋势、雇员的 market trends, employee’s positions and responsibilities as well as 职位及职责以及表现厘定。除薪酬待遇外，我们 performance. In addition to the remuneration package, we also provide our 亦为雇员提供医疗保险及强制性公积金（「强积 employees with additional welfare such as medical insurance, the mandatory 金」）等额外福利。我们积极为雇员谋求切实福 provident fund (“MPF”), etc. We are proactively looking for practical benefits 利，创建良好的工作环境。我们所实行的工作时 for our employees to create a better working environment. We implement 数已充分考虑雇员的身心健康。我们在有营运需 working hours with full consideration of employees’ physical and mental 要的情况下确定超时工作，并根据相关法规给予 health. Overtime work is determined based on operational needs, and it is 补偿。 compensated in accordance with relevant regulations. Although our core business operation lying in the industry where the 尽管我们的核心业务运作处于人力架构以男性主 workforce composition has been predominated by male, we remain 导的行业，惟本集团仍将致力于促进性别及种族 committed to promoting gender and racial equality by actively recruiting 平等，积极招揽合资格人才而不论其背景及性别。 qualified candidates regardless of their background and gender. The Group maintains a diversified workforce. We provide equal 本集团设有多元化的工作团队。我们以个人能力 opportunities to all staff based on their capabilities in a fair manner. To 为依归，为全体员工提供平等机会。为掌握雇员 keep track of our employees’ performance, we have established an 的表现，我们已建立雇员绩效制度。我们定期进 employee performance system. Regular performance evaluation is 行绩效评估，提高雇员的参与程度，并根据绩效 conducted to increase employee engagement, and the remuneration is 评估的结果调整薪酬。我们绝不容忍诸如年龄、 adjusted based on the result of the performance evaluation. We accept no 性别、婚姻状况、国籍、残疾及宗教等各方面的 tolerance towards discrimination, regardless of age, gender, marital status, 歧视。 nationality, disability, religion, etc. The Group is also dedicated to advancing gender diversity of employees of 本集团亦致力于在各层级提倡雇员性别多元化。 all levels. We believe that a diverse workforce will lead to better decision- 我们相信多元化的人员可藉著融合不同观点及各 making process by integrating contrasting insights and elevating different 种意见，从而达致更佳决策过程。为达致人员多 opinions. To achieve workforce diversity, we consider various factors, 元化，我们考虑多种因素，包括但不限于性别、 including but not limited to gender, age, cultural background, ethnicity, 年龄、文化背景、种族、教育背景、专业资格、 educational background, professional qualifications, industry and regional 行业及地区经验、技术、知识及服务年期。透过 experience, skills, knowledge, and length of service. By valuing these diverse 重视不同特质，我们创造了一个促进合作的包容 attributes, we create an inclusive environment that promotes collaboration. 性环境。 110 AP Rentals Holdings Limited / Annual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 环境、社会及管治报告 The tables below show the composition of our workforce by gender, 下表载列按性别、雇佣类型、年龄组别及地区划 employment type, age group and geographical region: 分的工作团队组成： Number of Employees13 雇员人数13 For the year ended 31 March 截至3月31日止年度 2025 2024 2023 Category 类别 2025年 2024年 2023年 By Gender 按性别划分 Male 男 102 106 105 Female 女 27 27 22 By Employment Type 按雇佣类型划分 Permanent 长期 103 99 98 Temporary 临时 26 34 29 By Position Type 按职位类型划分 Full time 全职 128 130 127 Part time 兼职 1 3 0 By Employee Category 按雇员类型划分 Senior management 高级管理层 11 11 11 Intermediate staff and management 中级员工及管理层 12 11 10 General staff 一般员工 106 111 106 By Age Group 按年龄组别划分 Below 30 30 岁或以下 20 27 30 31-50 31–50 岁 67 62 60 51 or above 51 岁或以上 42 44 37 By Geographical Region 按地区划分 Hong Kong 香港 117 120 117 Macau 澳门 3 4 4 Singapore 新加坡 6 6 3 Mainland China 中国内地 3 3 3 13 The reported number of employees excludes those with less than three 13 所报告的雇员人数不包括服务期少于三个月的雇 months of service to account only for the stable workforce. 员，仅计算稳定的劳动力。亚积邦租赁控股有限公司 / 2025年年报 111

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 环境、社会及管治报告 During the Reporting Period, total employee turnover rate was 16% (2024: 于报告期间，雇员总流失率为16%（2024年： 20%, 2023: 30%), detailed breakdowns as below: 20%；2023年：30%），详尽明细如下： Employees Left during the year 年内离职的雇员人数 For the year ended 31 March 2025 截至3月31日止年度 2025年 2025 2024 2023 Turnover Rate Category 类别 2025年 2024年 2023年流失率 By Gender 按性别划分 Male 男 16 23 33 16% Female 女 5 4 5 19% By Age Group 按年龄组别划分 Below 30 30 岁或以下 6 10 10 30% 31-50 31–50 岁 9 13 15 13% 51 or above 51 岁或以上 6 4 13 14% By Geographical Region 按地区划分 Hong Kong 香港 19 26 37 16% Macau 澳门 2 0 0 67% Singapore 新加坡 0 0 0 0% Mainland China 中国内地 0 1 1 0% During the Reporting Period, we did not identify material non-compliance 于报告期间，我们并无发现与香港雇佣相关法律 against employment-related laws and regulations in Hong Kong, including 及规例有关的重大不合规情况，包括但不限于《雇 but not limited to the Employment Ordinance (Cap. 57 of the Laws of 佣条例》（香港法例第57章）、《最低工资条例》（香 Hong Kong), Minimum Wage Ordinance (Cap. 608 of the Laws of Hong 港法例第608章）、《雇员补偿条例》（香港法例第 Kong), Employees’ Compensation Ordinance (Cap. 282 of the Laws of Hong 282章）、《强制性公积金计划条例》（香港法例第 Kong), Mandatory Provident Fund Scheme Ordinance (Cap. 485 of the 485章）以及其他有关平等机会及反歧视的法律。 Laws of Hong Kong), and other laws on equal opportunities and anti- 我们亦已遵守我们经营所在其他司法权区的相关 discrimination. We also complied with relevant employment regulations in 雇佣规例。 other jurisdictions where we operate. 112 AP Rentals Holdings Limited / Annual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 环境、社会及管治报告 Safe and Healthy Working Environment 安全与健康的工作环境 The Group strives to create a healthy and safe working environment for our 本集团致力为雇员营造健康及安全的工作环境。 employees. The Occupational Health and Safety (“OHS”) Policy was 本集团已制定职业健康及安全（「职安健」）政策， formulated to provide safety guidelines and defines responsibilities from 提供安全指引，并从高级管理层到前线定义责 top management to the front line to achieve an accident-free workplace. 任，以实现零事故的工作场所。管理层致力投入 The management is committed to investing sufficient resources to 足够资源实施职安健政策，将所有职安健事宜视 implement the OHS policy, treating all OHS issues as an integral part of our 为我们业绩不可或缺的一部分，并每六个月检讨 business performance, and reviewing the OHS policy and management 职安健政策及管理系统。 system every six months. Apart from these, we have reviewed the following work safety-related 除此之外，我们已审阅下列工作安全相关政策及 policies and procedures to increase employee safety awareness. 流程，以提高雇员的安全意识。 • Manual handling procedures; • 体力处理程序； • Use of Ladders; • 使用梯子； • Principles of load safety/transporting an engineering plant; and • 负荷安全╱运输工程机械的原则；及 • Use of Personal Protective Equipment (“PPE”) • 使用个人防护装备（「个人防护装备」） In addition, safety risk assessments are performed for works related to high 此外，我们对高风险设备（包括发电机、叉车及 risk equipment, including generators, forklift trucks, and mobile elevating 移动升降工作台）的相关工程进行安全风险评估， work platforms to identify potential safety hazards and corresponding 以识别潜在的安全隐患及相应的缓解措施。管理 mitigations. The management monitors and review OHS practices regularly 层定期监察及检讨职安健常规，以确保遵守职安 to ensure compliance with the OHS Policy and alignment with latest OHS- 健政策及符合最新职安健相关法律及法规，同时 related laws and regulations while striving for continual improvement. 致力持续改进。 To further mitigate the health and safety risk in the workplace, staff will 为进一步降低工作场所的健康及安全风险，员工 receive appropriate and adequate training concerning their respective 将接受有关职务与职责的适当培训。有关培训有 duties and responsibilities. Such training serves to help staff in thoroughly 助员工全面了解及实施职安健政策。 understanding and implementing the OHS Policy. 亚积邦租赁控股有限公司 / 2025年年报 113

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 环境、社会及管治报告 To enhance staff safety awareness, the Group steps further and includes 为提高员工的安全意识，本集团进一步将「安全 “Safety Awareness” as one of the performance factors of the performance 意识」纳入各级员工绩效考核的绩效元素之一。 appraisal for all levels of staff. The performance evaluation outcomes will 绩效评估结果将直接影响员工的薪金调整及酌情 have a direct bearing on the salary adjustments and discretionary bonus 花红的分配。 allocations for staff. Besides, staff are encouraged to propose reasonable opinions with respect 此外，我们鼓励员工就职安健政策的充足性及改 to the adequacy and improvement of the OHS Policy. As such, staff, 进提出合理意见。因此，员工（特别是建筑机械 especially construction machinery operators, are aware of the 操作员）知悉安全运作的责任。此外，我们与机 responsibilities of safety operations. Besides, we collaborate closely with 械制造商紧密合作，务求提高机械的安全标准， machinery manufacturers to enhance the safety standards of the 以保障操作员、用家及服务人员。 equipment to safeguard the operators, users, and service staff. We understand that our service team needs more comprehensive 我们明白我们的服务团队因工作性质而面对风险 protection as they are exposed to a risker-working environment due to the 较高的工作环境，需要更全面的保障。因此， job nature. Therefore, we provide strengthened PPE for them, we also 我们向其提供已强化的个人防护装备，我们亦为 provide substitutes to enrol mandatory safety training for operators of 起重机操作员提供替工以参加强制性安全培训， cranes and qualified masks, hearing protectors and eye shields are 并向员工及在高风险地点工作的员工派发合格 distributed to staff and those required to work in high-risk locations. 口罩、耳罩及护目镜等。 During the Reporting Period, there were no work-related fatalities (2024: 0, 于报告期间，概无因工死亡事故（2024年：0宗； 2023: 0), and there was a total of 7214 (2024: 158, 2023: 223) lost days due to 2023年：0宗），惟因工伤意外损失合共721（4 2024 work injury. 年：158；2023年︰223）个工作天。 The Group strives to comply with OHS-related laws and regulations, 本集团致力遵守职业安全与健康相关的法律及规 including but not limited to Cap. 59 of Factories and Industrial 例，包括但不限于第59章《工厂及工业经营条 Undertakings Ordinance, Cap. 509 of Occupational Safety and Health 例》、第509章《职业安全与健康条例》、第406E章 Ordinance, Cap. 406E of Electricity Wiring Regulations, Cap. 295B 《电力（线路）规例》、第295B章《危险品（一般）规 Dangerous Goods (General) Regulations, Code of Practice for the loading 例》、运输署发出有关车辆装载方面的实务指引 of vehicle issued by Transport Department and other regulations in the 以及我们经营所在司法权区的其他规例，以保障 jurisdictions where we operate, to protect the staff and other stakeholders. 员工及其他持份者。于报告期间，我们并无发现 During the Reporting Period, we did not identify material non-compliance 有关上述职业安全与健康相关法律及法规的重大 with the aforementioned occupational safety and health-related laws and 违规情况。 regulations. 14 The reported lost days due to work injury involved an employee who was 14 所报告的工伤损失天数涉及一名在客户工地工作 injured while working at a client site. 时受伤的雇员。 114 AP Rentals Holdings Limited / Annual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 环境、社会及管治报告 Staff Training and Development 员工培训与发展 To satisfy organisation’s needs and equip staff with solid skills, knowledge 为满足组织需求及让员工配备踏实的技能、知识 and safety awareness, we allocate resources and deliver targeted training 及安全意识，我们分配资源为员工提供具目的性 programs to our employees to cultivate safety awareness throughout the 的培训以培养整个集团的安全意识。于报告期 Group. During the Reporting Period, we enhanced the management of 间，我们透过制定独立的培训与发展政策来加强 staff training and development by creating a standalone Training and 员工培训与发展的管理。 Development Policy. By establishing adequate training programmes, we can provide necessary 透过建立适当的培训课程，我们可为员工提供必 occupational knowledge and skills to our staff. During the Reporting Period, 要的职业知识及技能。于报告期间，按性别及雇 the number of staff trained and training hours received by gender and 佣类别划分的受训员工人数及受训时数如下： employee category were as follows: Percentage of Employees Trained Average Training Hours 接受培训雇员百分比平均培训时数 (For the year ended 31 March) (For the year ended 31 March) （截至3月31日止年度）（截至3月31日止年度） 2025 2024 2023 2025 2024 2023 Category 类别 2025年 2024年 2023年 2025年 2024年 2023年 By Gender 按性别划分 Male 男 77.5% 86.8% 59.0% 9.9 9.3 6.4 Female 女 81.5% 55.6% 81.8% 6.4 8.0 5.7 By Employee Category15 按雇佣类型划分15 Senior management 高级管理层 90.9% N/A不适用 N/A不适用 15.5 N/A不适用 N/A不适用 Intermediate staff and 中级员工及管理层 management 100.0% 59.1% 61.9% 14.2 19.6 13.9 General Staff 一般员工 74.5% 84.7% 63.2% 7.6 7.6 4.8 The Group offers orientation for new employees with initial information 本集团为新雇员提供入职指引，有关其特定工作 and training in their specific job functions and skills and condition of 职能及技能以及雇佣条件的初步资讯及培训，以 employment to assist them in quickly adapting to their positions. 协助彼等快速适应其职位。 15 We have enhanced the coherence of the categorisation of the employee- 15 我们加强雇员相关资料分类的一致性。 related data. 亚积邦租赁控股有限公司 / 2025年年报 115

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 环境、社会及管治报告 The Group’s technical staff regularly attend specialised seminars jointly 本集团的技术人员定期参加由设备制造商与本集 conducted by equipment manufacturers and the Group. These 团联合举办的专门研讨会。这些合作教育计划旨 collaborative educational programs are designed to ensure our technicians 在确保我们的技术人员具备必要的产品知识、技 are equipped with the necessary product knowledge, skills, and expertise 能和专业知识，以便为我们的客户提供卓越的服 to deliver exceptional service and support to our clients. Such seminars 务和支援。有关研讨会包括设备结构的训练、操 include training regarding the equipment structures, operational features, 作特点、操作员安全训练及设备维修。除内部培 operator safety training and equipment repair. In addition to the internal 训外，我们的技术人员亦参加外部行业课程并取 trainings, our technicians also attend external industry courses and obtain 得相关证书。培训内容涵盖液压、机电、电子、 relevant certifications. The training covers hydraulic, electrical and 发动机系统、特殊设备及解决难题的工具。 mechanical, electronic, engine systems, special equipment and tools for troubleshooting. Meanwhile, we have developed a formal and systematic training 与此同时，我们已就移动电源智能系统设计正式 programme for SSME, including classroom and practical training, aiming to 及系统性的培训课程，包括教学及实习培训课 further accelerating the wider application of the system. In the future, we 程，旨在进一步加速该系统的广泛应用。我们计 plan to expand the scope of the training programme to our customers to 划在未来将培训课程的范围扩大至涵盖客户，确 ensure their SSME operators are equipped with sufficient skills. In addition, 保其移动电源智能系统操作员能够具备足够的技 to align with our sustainable development mission, we have incorporated 能。此外，为与我们的可持续发展目标一致，我 sustainability elements such as resources management, energy 们已在现有培训内容加入资源管理、能源管理及 management, and other environmentally friendly practices in our existing 其他环保实务等可持续元素。我们致力透过教育 training content. We aim to nurture a green and environmentally- 及培训计划营造绿色及环保意识的办公文化。 conscious working culture through education and training initiatives. The Group also provides easy access to training materials for supporting 本集团亦提供易于获取的培训材料，以支持我们 our employees’ continuous learning and development. The Group is 雇员的持续学习及发展。本集团目前正准备一系 currently preparing a series of instructional training videos with a specific 列专注于操作安全规程的教学培训视频。同时， focus on operational safety protocols. Meanwhile, we also are developing 我们亦正透过网络开设安全培训课程，让身处不 virtual safety training sessions to keep our employees of different offices in 同办公室的中国内地、新加坡及澳门员工能获悉 Mainland China, Singapore and Macau updated with the latest safety 最新的安全规定。 requirements. Training and development resources are reviewed regularly for their 我们定期检讨培训及发展资源是否充足及适当， sufficiency and adequacy to ensure a competent workforce capable for 以确保工作团队能够提供卓越且以客户为中心的 delivering exceptional, customer-centric services. The representative in 服务。我们的人力资源部代表将积极地为团队寻 Human Resources Department will actively look for the applicable external 找合适的外部培训课程，以保持我们的竞争力。 training programme for the team to maintain our competence. 116 AP Rentals Holdings Limited / Annual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 环境、社会及管治报告 Prevention of Child Labor or Forced Labor 防止童工或强制劳工 We have deployed sufficient controls in our human resources processes to 我们已作出部署以充分管制人力资源程序，防止 prevent child and forced labour employment, including verifying personal 雇用童工及强制劳工，当中包括核实个人身分证 identity documents and entering into a legitimate employment contract 明文件及与雇员订立合法雇佣合约。 with employees. The Group strictly prohibits child and forced labour of any kind in 本集团严格按照地方劳动法禁止任何形式的童工 accordance with the local labour laws, including but not limited to the 及强制劳工，包括但不限于《雇佣条例》（香港法 Employment Ordinance (Cap. 57 of the Laws of Hong Kong) and 例第57章）及我们营运所在司法权区的规例。倘 regulations in the jurisdictions where we operate. Should any case of child 亚积邦租赁在我们的业务、客户或供应商中报告 labour or forced labour be reported or discovered by AP Rentals within our 或发现任何童工或强迫劳工个案，将立即采取行 operations, clients or suppliers, immediate actions will be taken including 动，包括向有关当局报告并暂停所有业务关系， reporting to relevant authorities and the temporary suspension all business 直至进一步确认为止。于报告期间，本集团并无 relation until further confirmation. During the Reporting Period, the Group 雇用任何童工或强制劳工，亦无违反上述童工及 did not employ any child or forced labour, and there was no non- 强制劳工相关法律及法规的情况。 compliance against the aforementioned child and forced labour-related laws and regulations. Sustainable & Ethical Supply Chain Management 可持续及道德供应链管理 Focusing specifically on our construction machinery leasing services, the 因应本集团尤其集中于建筑机械租赁服务，设备 Group places a strong emphasis on supplier performance, as the 机组的规格是直接影响环境及社会责任目标的关 specifications of our equipment fleet are a critical factor directly impacting 键因素，故我们极其重视供应商的表现。于报告 our environmental and social responsibility objectives. During the reporting 期间，我们已制定独立的供应商行为准则，清楚 period, we established a standalone Supplier Code of Conduct to clearly 概述我们对所有供应商在环境、社会及管治方面 outline our expectations for all suppliers regarding environmental, social, 的期望。 and governance aspects. Green procurement is one of the critical elements in the Group’s business 由于我们认为选择可持续的产品可减少对环境的 operation as we recognise the selection of sustainable products can reduce 影响，并保障人权及劳工权益，故绿色采购是本 environmental impacts and safeguard human and labour rights. In our 集团业务营运的其中一个重要元素。在供应商筛 supplier selection process and prior to procurement, we carefully consider 选过程中及采购之前，我们会仔细考虑环境影响 environmental impact alongside cost efficiency and product quality. 以及成本效益及产品品质。为了落实这一做法， To implement this practice, we encourage the use of environmentally 我们鼓励在可行的情况下使用环保产品及材料。 preferable products and materials where feasible. Our user departments 我们的用户部门会优先考虑致力于履行负责任的 are guided to prioritise suppliers with demonstrated commitment to 环境及社会实践承诺的供应商。 responsible environmental and social practices. 亚积邦租赁控股有限公司 / 2025年年报 117

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 环境、社会及管治报告 As such, we source our equipment from sound and reliable suppliers, 因此，我们向稳健可靠的供应商采购设备，包括 including but not limited to reputable international equipment 但不限于来自日本、美国、欧洲及中国的知名国 manufacturers from Japan, the US, Europe and China. As of 31 March 2025, 际设备制造商。于2025年3月31日，我们共有 we had a total of 282 suppliers. 282名供应商。 Number of Suppliers 供应商数目 2025 2024 2023 Region 地区 2025年 2024年 2023年 Asia 亚洲 277 209 189 Europe 欧洲 4 3 5 North America 北美 1 3 2 Total 合计 282 215 196 To consistently uphold our product standards and organisational 为持续维持我们的产品标准及组织声誉，我们与 reputation, we maintain strong, collaborative business relationships with 制造伙伴及供应商保持强大且紧密合作的业务关 our manufacturing partners and suppliers. The Group closely monitor their 系。本集团密切监察其在所有主要运营指标上的 performance across all key operational metrics. Regular review on their 表现。我们定期审视供应商在环境及社会等方面 performance, including environmental and social aspects, is conducted for 的表现。此外，本集团的相关用家部门将根据审 the suppliers. In addition, the corresponding user department of the Group 阅结果、产品质量及服务交付及时性，评估各名 will evaluate performance of each supplier based on the result of the 供应商的表现。 review and quality of the product, and timeliness of the service delivery. Furthermore, our manufacturers will ensure the qualification and expertise 此外，我们的制造商将确保培训人员具备资格及 of the trainers to deliver training courses with respect to the operators of 专业知识，为我们机械的操作员提供培训课程。 our machines. Our training department held various sessions of product 于报告期间，我们辖下培训部门举办多次产品及 and operation training during the Reporting Period. We also import and 操作培训。我们亦进口及使用发动机符合欧盟IIIA use qualified machines with engines fulfilling EU Stage IIIA, US Tier 3 or 级、美国3级(Tier 3)或日本环境省（Ministry of the Japan Ministry of the Environment (“MoE”) standards 1 or above to comply Environment，「MoE」）标准1级或以上的合资格机 with the emission standard and noise level standard of EPD to minimise 械，以遵守环保署的排放标准及噪音等级标准， the overall environmental impacts. 以尽量减少整体环境影响。 Standardised Value Chain, Service Quality and Safety 标准化价值链、服务质量及安全 The Group positions customer relationships as one of our top strategic 本集团将客户关系定位为我们的首要策略之一。 priorities. We strive to provide top-notch service to our customers, and we 我们致力向客户提供一流服务，并致力了解客户 strive to understand customers’ needs and act from customers’ 需要，以客为本，并与客户培养长远关系。于报 perspectives, thereby cultivating a long-term customer relationship. During 告期间，我们透过建立独立的产品责任政策来进 the Reporting Period, we further promoted these values by creating a 一步推广该等价值观。 standalone Product Responsibilities Policy. As a renowned industry leader in construction machinery, the Group strives 作为建筑机械行业的著名领导者，本集团力求为 to provide consistent and quality services to customers, which cannot be 客户提供始终如一的优质服务，而此举有赖表现 achieved without a high-performing technical team. As such, we place 出色的技术团队。同样地，我们非常重视上文所 much emphasis on staff training as abovementioned and extensive 述的员工培训以及广泛的客户培训及支援。因 customer training and support. As a result, it enhances the machinery 此，有关培训可提高机械操作员的技能、安全责 operators’ skills, safety responsibility and reduces unnecessary wearing and 任及减少不必要的机械磨损及损坏。 tearing of the machinery. 118 AP Rentals Holdings Limited / Annual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 环境、社会及管治报告 Meanwhile, a customer service hotline has been established to collect 同时，我们已设立客户服务热线以收集客户赞赏 customers’ feedbacks, regardless of appreciation or complaint. Our 或投诉的反馈。我们的专业客户服务人员负责定 professional customer service staff are responsible for promptly following 时跟进所有反馈以提升客户体验。为促进更好的 up on all client feedback to improve customer experience. To facilitate 回应，各部门支持多元化的服务热线。例如，我 better responses, distinct divisions support diversified service hotlines. For 们的客户可直接联系技术支援团队进行设备保养。 example, our customers can directly reach out to technical support team for equipment maintenance. To provide a clear overview of the services and products offering, 为提供有关服务及产品组合的清晰概览，我们已 marketing brochures are prepared to help introduce our service details and 制备营销小册子辅助介绍服务细节及产品规格。 product specifications. In addition, to facilitate customers in making 此外，为方便客户在了解资讯的情况下达采购订 informed purchase orders, we refer to the information provided by our 单，我们于编制营销材料时参考由供应商及制造 suppliers and manufacturers in preparing marketing materials to reflect 商提供的资料，借此准确而公平地呈列我们的服 accurate and fair information of our services and products, meanwhile 务及产品资料，同时亦符合《商品说明条例》（香 complying with the Trade Descriptions Ordinance (Cap. 362 of the Laws of 港法例第362章）及我们业务所在司法权区的规例。 Hong Kong) and regulations in the jurisdictions where we operate. Product Quality 产品质量 The Group has established a product quality management system to 本集团已建立产品质量管理系统以确保向客户提 guarantee the delivery of safe and reliable products to our customers. Our 供国家外汇管理局及可靠的产品。我们的高资历 team of highly qualified and certified technicians maintain our equipment 及认证技术人员定期保养我们的设备机组，以确 fleet regularly to ensure they are all consistently in optimal operating 保其始终处于最佳运作状况，而我们的质量保证 conditions, and our quality assurance process ensures the Group’s products 流程确保本集团的产品处于适当状况，以减少投 are in appropriate conditions to reduce the occurrence of complaints and 诉的发生，并尽量提高客户对我们产品及服务质 maximise our customers’ satisfaction rate towards the quality of our 量的满意度。截至2025年3月，接获2,63716宗投 products and services. As of March 2025, there were 2,63716 cases of 诉（2024年：1,144宗），主要是因机械自然折旧所 complaint (2024: 1,144 cases) which are mostly resulted from the natural 致。所有投诉个案已由相关服务团队妥善跟进， depreciation of machineries. All complaint cases were properly followed 直至客户的疑虑得以解决为止。 up by the respective service teams until the clients’ concerns were resolved. As an integral component of our quality enhancement, the Group actively 作为我们质量提升的重要组成部分，本集团积极 seeks improvement and service enhancement ideas, feedback, and 向技术人员、客户及销售人员征求改进及服务提 requests from technicians, customers, and salespersons. We value the input 升的意见、反馈及要求。我们重视持份者的意 of our stakeholders and consider their comments and suggestions as 见，并视他们的意见和建议为推动改进的重要资 valuable resources for driving improvement. Based on the comments and 源。根据持份者的意见和建议，我们的技术和开 suggestions from the stakeholders, our technical and development team 发团队将对产品进行改造、修改及重新研发，以 will conduct the product recondition, modification and redevelopment to 迎合瞬息万变的市场需要。 catch up with the fast-changing market needs. Moreover, we keep increasing the portion of machines with engines 此外，为实现减排目标，我们不断增加发动机符 complying with the US Tier 3 or Japan MoE standard 1 in our equipment 合美国3级(Tier 3)或日本MoE标准1级的机械占设 fleet to reduce emissions. Furthermore, we ensure our equipment fleet is 备机组的比例。此外，我们确保我们的设备机组 appropriately labelled according to EPD’s requirements regarding NRMM 根据环保署有关NRMM及QPME的规定妥为贴上 and QPME. We believe our tremendous efforts in improving service offering 标签。我们相信，我们为提高服务质量及产品质 and product quality will receive much appreciation and trust from our 量所作的巨大努力将得到客户的高度赞赏及信任。 customers. 16 The increase in the complaint cases is primarily attributed to the increase of 16 投诉个案增加主要由于出租日增加所致。 rental days. 亚积邦租赁控股有限公司 / 2025年年报 119

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 环境、社会及管治报告 As of 31 March 2025, there were 3,007 service calls in over 295,766 machine 截至2025年3月31日，我们于295,766个机器出租 rentals days, resulting in a service call frequency of 1.02 cases per 100 rental 日内接获3,007个服务呼叫，即每100个出租日有 days (2024: 0.96 case per 100 rental days). The service calls were primarily 1.02宗（2024年：每100个出租日有0.96宗）服务呼 enquiries calls made by clients regarding the operation of machines. The 叫的频率，显示我们出众的产品质量。服务呼叫 service call frequency tends to be correspondent to the level of business 主要为客户就机器操作所作查询。服务呼叫频率 activities, albeit seemingly had an upward trend in the Reporting Period, it 与业务活动水平相关，尽管报告期间的上升趋 remains to be amongst the lowest in the industry demonstrated by our 势，惟我们的优良产品质素及服务水平反映有关 exceptional product quality and service standard. Due to the inherent 数字仍处于业内最低水平。由于我们业务的固有 nature of our business, none of our products are subject to recalls for safety 性质，概无任何产品因安全或健康原因而被收回。 or health reasons. Innovation and intellectual property protection 创新及知识产权保护 AP Rentals recognises the significance of intellectual property rights and 亚积邦租赁认知到知识产权的重要性，并非常重 places great importance on proper usage of licensed products within our 视在营运范围内妥善使用许可产品。我们的雇员 operations. Our employees are required to comply with the necessary 在使用许可产品时必须遵守必要条款及协议，并 terms and agreements when using licensed products and are expected to 应避免任何可能导致许可产品滥用或潜在版权侵 refrain from any actions that could lead to the misuse of licensed products 权的行为。亚积邦租赁意识到违反知识产权的合 or potential copyright infringement. AP Rentals is aware that violations 理使用可能会对公司的声誉构成风险并阻碍创新 against the fair use of intellectual properties can pose a risk to the 进程。因此，我们认真履行保护在营运范围内使 Company’s reputation and hinder the progress of innovation. Therefore, 用的所有知识产权的责任。 we take our duty to protect all intellectual property used within our operations seriously. Cybersecurity & data protection 网络安全及数据保护 The Group respects the privacy of personal data. Accordingly, we 本集团尊重个人资料私隐。据此，我们保证实施 guarantee to implement all feasible controls to protect the personal data 一切可行控制措施以保护持份者的个人资料（包 of our stakeholders, including our employees. Furthermore, we ensure our 括员工）。此外，我们确保工作常规在保护个人 work practices comply with the Personal Data (Privacy) Ordinance (Cap. 资料方面至少符合《个人资料（私隐）条例》（香港 486 of the Laws of Hong Kong) and regulations in the jurisdictions where 法例第486章）及我们业务所在司法权区的规例。 we operate as a minimum in protecting personal data. With respect to sensitive business and personal information, the Group 针对敏感的业务及个人资料，本集团实行严格的 implements strict internal controls in safeguarding our data, particularly the 内部监控以保护有关资料，特别是与供应商、业 transaction data with our suppliers, business partners and customers, to 务伙伴及客户的交易数据，从而保障持份者的利 protect the interests of our stakeholders. 益。 During our daily operations, we have applied the following measures to 环境、社会及管治报告我们已于日常营运中采取 ensure data privacy and to prevent any potential data leakage, which may 下列措施以保障资料私隐，防止资料外泄而损害 affect the interests of our stakeholders and our brand image: 持份者的利益及我们的品牌形象： • No transfer or disclosure of personal data to any entity that is not a • 除非按法律要求或经事前通知，否则在未 member of the Group without consent unless required by law or 取得准许的情况下，一概不得将个人资料 previously notified; 转移或披露予任何非本集团成员公司之实体； • Only collect and retain personal data relevant to our business • 仅收集及保留与我们业务营运有关的个人 operations; and 资料；及 • No Installation of unauthorised third-party software or applications. • 不得安装未经许可使用的第三方软件或应用程式。 120 AP Rentals Holdings Limited / Annual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 环境、社会及管治报告 Terms regarding business data confidentiality have been stipulated on 我们的员工手册及雇佣合约已详细规定有关商业 both our employee handbook and the employment contract. 资讯及保密之条款。 During the Reporting Period, we did not identify any material non- 于报告期间，我们并无发现任何严重违反上述服 compliance with the aforementioned service, product and data privacy- 务、产品及资料私隐相关法律及法规的情况。 related laws and regulations. Prevention of Bribery, Extortion, Fraud and Money 防止贿赂、勒索、欺诈及洗黑钱 Laundering The Group implements adequate internal controls for preventing and 本集团充分实施内部监控措施，用以防止及侦测 detecting corruption, bribery, and other fraudulent activities. To avoid 贪污、贿赂及任何其他类型的欺诈活动。为避免 bribery and corruption, we have established and implemented the Code of 贿赂及贪污，我们已制定及实施反贪污政策（「该 Anti-Corruption (the “Code”), which sets out the standards of conduct that 政策」），当中载列雇员必须遵守的行为准则。本 employees must follow. The Group has reviewed the Code regularly to 集团已定期审阅该政策，以确保其适用于我们目 ensure their applicability to our current operations. A Gift Acceptance 前的业务营运。我们已制定接受礼物申请表以供 Declaration Form which is designated for staff members to declare benefits 员工接受利益时申报。根据该政策，员工于收取 received has been set up. Under the Code, staff who receive any forms of 任何形式的礼品或价值500港元或以上的礼品时， gifts or presents that value HK$500 or above must report to the 必须向管理层报告。 management. Furthermore, we have implemented a Whistleblowing Policy that 此外，我们已制定举报政策鼓励雇员披露可疑不 encourages employees to disclose instances of suspected misconduct and 当行为，严禁对举报人作出任何加害、报复或不 strictly prohibit any victimisation, retaliation, or unfair treatment against the 公平对待。本公司审核委员会已定期检讨举报政 whistle-blower. The Audit Committee of the Company has reviewed the 策。 Whistleblowing Policy regularly. We also organise periodic seminars and training sessions on anti-corruption 我们亦定期为董事及员工举办有关反贪污措施及 measures, guidelines, operating practices, and business ethics for our 指引、营运惯例及商业道德的研讨会及培训课 directors and staff, enhancing their awareness. Furthermore, to strengthen 程，从而提高彼等的意识。此外，为提高员工对 awareness of our staff about the importance of business morals and 商业道德及诚信重要性的意识，于入职时会播放 integrity, the anti-corruption video produced by Independent Commission 由廉政公署（「廉署」）制作的反贪污视频，以教育 Against Corruption (“ICAC”) is shown during orientation to educate new 新入职员工诚信的重要性及认识各种贪污陷阱。 joiners on the importance of integrity and awareness of various kinds of 此外，我们亦定期向董事及员工提供有关商业道 corruption traps. In addition, refresher training on business ethics is 德之精修培训，以助其学习及更新其措施及准则。 regularly delivered to our directors and staff to review and update the measures and guidelines. During the Reporting Period, we did not identify any cases of non- 于报告期间，我们并无发现任何违反有关贪污、 compliance with laws and regulations relating to corruption, bribery, 贿赂、勒索、欺诈及洗黑钱的法律及法规的情 extortion, fraud and money laundering, including but not limited to the 况，包括但不限于《防止贿赂条例》（香港法例第 Prevention of Bribery Ordinance (Cap. 201 of the Laws of Hong Kong) and 201 章）及我们经营所在司法权区的法规。此外， regulations in the jurisdictions where we operate. Furthermore, there were 概无与上述事宜有关的已审结法律案件。 no concluded legal cases in relation to the aforementioned matters. 亚积邦租赁控股有限公司 / 2025年年报 121

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 环境、社会及管治报告 Community Investment and Engagement 社区投资及参与 Our Group is deeply committed to fostering a prosperous society not only 本集团深切致力于透过业务运营及积极参与经营 through our business operations but also through active engagement with 所在社区来促进繁荣社会的发展。此承诺由我们 the communities in which we operate. This commitment is driven by our 尊重、助人及无私的核心价值所推动。我们深明 core values of respect, helpfulness, and selflessness. We recognise the 了解社区需求的重要性，并确保我们的活动符合 importance of understanding community needs and ensuring that our 并支持这些利益。为体现本集团价值，本集团鼓 activities align with and support these interests. In living out the Group’s 励员工透过义工服务及参与社区活动为社区作贡 value, the Group encourages staff to serve the community including 献。我们为参加有关活动的员工提供一切所需支 volunteering and participating in community initiatives. We offer all 援，包括特别假期及津贴等。 necessary support to our staff participating in such activities, including special leaves, allowances, etc. As the average age of the people in Hong Kong is climbing up each year, 随著香港市民的平均年龄逐年上升，社区对长者 the need help for the community support for the elderly is growing. The 支援的需求亦与日俱增。本集团一直致力满足社 Group is always committing to the evolving needs of the community. For 区不断变化的需求。于2025财年，本集团已采取 FY2025, the Group has taken several initiatives to arise the elderly 多项特别为长者而设的措施，如我们透过大舜基 specifically, we donated rice to the elderly through the Dashun Foundation 金及香港华人革新协会向长者捐赠白米。 and the Hong Kong Chinese Reform Association. In addition to supporting the elderly, our Group is dedicated to protecting 除了为长者提供支援外，本集团亦致力保护及恢 and restoring the planet and its wildlife. To this end, we encouraged our 复地球及其野生生物。为此，我们鼓励员工参与 staff to participate in the “Walk for the Earth” campaign organized by the 由世界自然基金会（「WWF」）香港分会于2024年4 World Wide Fund For Nature (“WWF”) Hong Kong in April 2024. This 月举办的「为地球而行」活动。这项活动旨在鼓 initiative aimed to promote the reduction of carbon dioxide emissions by 励以步行代替开车，从而推动减少二氧化碳排 encouraging walking over driving. Through these efforts, we hope to 放。我们希望透过这些努力，为世界各地修复地 contribute to the global effort to restore the Earth. 球的工作作出贡献。 122 AP Rentals Holdings Limited / Annual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 环境、社会及管治报告 By consistently investing in these areas, our Group not only addresses 透过持续投资于该等领域，本集团不仅满足即时 immediate community needs but also promotes long-term societal growth 的社区需求，还促进长期的社会增长和稳定。参 and stability. These engagements ensure that our business operations are 与该等活动确保我们的业务运营以关注社区利益 conducted with a mindful approach to the community’s interests, 的方式进行，展示我们对改善社会的坚定承诺。 demonstrating our unwavering commitment to societal betterment. February 2025 2025年2月 Donation of rice to the elderly 向长者捐赠白米亚积邦租赁控股有限公司 / 2025年年报 123

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

AP Rentals Holdings Limited / Anual Report 2025

TO THE SHAREHOLDERS OF AP RENTALS HOLDINGS LIMITED

亚积邦租赁控股有限公司

(incorporated in the Cayman Islands with limited liability)

OPINION

We have audited the consolidated financial statements of AP Rentals

Holdings Limited (the “Company”) and its subsidiaries (colectively refered

to as “the Group”) set out on pages 132 to 224, which comprise the

consolidated statement of financial position as at 31 March 2025, and the

consolidated statement of profit or los and other comprehensive income,

consolidated statement of changes in equity and consolidated statement

of cash flows for the year then ended, and notes to the consolidated

financial statements, including material acounting policy information and

other explanatory information.

In our opinion, the consolidated financial statements give a true and fair

view of the consolidated financial position of the Group as at 31 March

2025, and of its consolidated financial performance and its consolidated

cash flows for the year then ended in acordance with HKFRS Acounting

Standards as isued by the Hong Kong Institute of Certified Public

Acountants (“HKICPA”) and have ben properly prepared in compliance

with the disclosure requirements of the Hong Kong Companies Ordinance.

BASIS FOR OPINION

We conducted our audit in acordance with Hong Kong Standards on

Auditing (“HKSAs”) as isued by the HKICPA. Our responsibilities under

those standards are further described in the Auditor’s Responsibilities for

the Audit of the Consolidated Financial Statements section of our report.

We are independent of the Group in acordance with the HKICPA’s Code

of Ethics for Profesional Acountants (“the Code”), and we have fulfiled

our other ethical responsibilities in acordance with the Code. We believe

that the audit evidence we have obtained is suficient and apropriate to

provide a basis for our opinion.

致亚积邦租赁控股有限公司列位股东

（于开曼群岛注册成立的有限公司）

意见

我们已审核列载于第132至224页的亚积邦租赁

控股有限公司（「贵公司」）及其附属公司（统称「贵

集团」）的综合财务报表，当中包括于2025年3月

31日的综合财务状况表与截至该日止年度的综合

损益及其他全面收益表、综合权益变动表及综合

现金流量表以及综合财务报表附注，包括重大会

计政策资料及其他解释资料。

我们认为，该等综合财务报表已根据香港会计师

公会（「香港会计师公会」）颁布的香港财务报告准

则会计准则真实而公平地反映贵集团于2025年

3月31日的综合财务状况以及其截至该日止年度

的综合财务表现及综合现金流量，并已遵照香港

公司条例的披露规定妥为编制。

意见的基础

我们已根据香港会计师公会颁布的香港审计准则

（「香港审计准则」）进行审计。我们在该等准则下

承担的责任已在本报告「核数师就审核综合财务

报表承担的责任」部分中作进一步阐述。根据香

港会计师公会颁布的专业会计师道德守则（「守

则」），我们独立于贵集团，并已履行守则中的

其他专业道德责任。我们相信，我们所获得的审

计凭证能充足及适当地为我们的意见提供基础。

Key audit matters	How our audit addressed the key audit matters
关键审计事项	我们的审计如何对关键审计事项进行处理

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

亚积邦租赁控股有限公司 / 2025年报

关键审计事项

关键审计事项是根据我们的专业判断，认为对本

期综合财务报表的审计最为重要的事项。这些事

项是在我们审计整体综合财务报表及出具意见时

进行处理的。我们不会对这些事项提供单独的意

见。

KEY AUDIT MATERS

Key audit maters are those maters that, in our profesional judgement,

were of most significance in our audit of the consolidated financial

statements of the curent period. These maters were adresed in the

context of our audit of the consolidated financial statements as a whole,

and in forming our opinion thereon, and we do not provide a separate

opinion on these maters.

Impairment asesment of plant and machinery

机器及机械减值评估

We identified the impairment asesment of plant and

machinery as a key audit mater due to the significance of the

carying value of plant and machinery to the consolidated

financial statements as a whole and involvement of the

extensive audit work.

基于机器及机械的账面值对整体综合财务报表并涉及大量

审计工作的重要性，我们识别机器及机械减值评估为关键

审计事项。

As disclosed in the note 14 to the consolidated financial

statements, the carying value of plant and machinery reported

under property, plant and equipment as at 31 March 2025 was

HK$146,174,000. The Group’s acumulated impairment loses

of plant and machinery as at 31 March 2025 was HK$5,950,000.

A reversal of impairment loses of HK$267,000 has ben

recognised in the profit or los for the curent year.

诚如综合财务报表附注14所披露，于2025年3月31日，

于物业、机械及设备项下所呈报机器及机械的账面值为

146,174,000港元。贵集团于2025年3月31日的机器及机

械的累计减值亏损为5,950,000港元。267,000港元的减值亏

损拨回已于本年度在损益中确认。

As detailed in note 14 to the consolidated financial statements,

when there is indication of impairment with reference to the

utilisation and income generated from the plant and machinery

in recent years, impairment asesment is conducted and the

recoverable amount of plant and equipment was determined

based on at fair value les cost of disposal.

诚如综合财务报表附注14所详述，当参照近年机器及机

械的使用情况及所产生收入有减值迹象时，会进行减值评

估，并按公允值减出售成本厘定机械及设备的可收回金额。

Our procedures in relation to management’s impairment

asesment of plant and machinery included:

我们就管理层的机器及机械减值评估所实施的程序包

括：

’s proces

of reviewing and evaluating impairment asesment of

plant and machinery; and

了解管理层就机器及机械减值评估的审阅及评价

过程；及

• Asesing the reasonablenes of the fair value les cost

of disposal estimated by the management by checking,

on a sample basis, to the recent disposal values or

transaction prices of similar asets in the market.

通过抽样检查与市场上类似资产的最近出售价值

或交易价格，评估管理层估计的公允值减出售成

本的合理性。

Key audit matters	How our audit addressed the key audit matters
关键审计事项	我们的审计如何对关键审计事项进行处理

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

AP Rentals Holdings Limited / Anual Report 2025

Impairment asesment of lease receivables and trade

receivables

应收租赁款项及贸易应收款项减值评估

We identified impairment asesment of lease receivables and

trade receivables as a key audit mater due to the significance

of lease receivables and trade receivables to the Group’s

consolidated financial position and the judgements asociated

with the impairment asesment of the lease receivables and

trade receivables.

基于应收租赁款项及贸易应收款项对贵集团综合财务状

况的重要性及与应收租赁款项及贸易应收款项减值评估相

关的判断，我们识别应收租赁款项及贸易应收款项减值评

估为关键审计事项。

As at 31 March 2025, the Group’s agregate amounts of lease

receivables and trade receivables amounted to HK$38,714,000.

于2025年3月31日，贵集团的应收租赁款项及贸易应收

款项总额为38,714,000港元。

Our procedures in relation to the impairment asesment of

lease receivables and trade receivables included:

我们就应收租赁款项及贸易应收款项减值评估所实施的

程序包括：

• Understanding how the management estimates the

credit los alowance for lease receivables and trade

receivables;

了解管理层如何估计应收租赁款项及贸易应收款

项的信贷亏损拨备；

’s basis and judgement in

determining credit los alowance on lease receivables

and trade receivables as at 31 March 2025, including

the basis of individual asesment, the reasonablenes

of management’s grouping of lease receivables and

trade receivables into diferent categories, and the

basis of estimated los rate aplied in each category

(with reference to historical default rates and forward-

loking information);

质疑管理层在厘定于2025年3月31日的应收租赁

款项及贸易应收款项的信贷亏损拨备所用的基准

及判断，包括个别评估的基础、管理层将应收租

赁款项及贸易应收款项分类至不同类别的合理性，

以及应用各类别的估计亏损率的基础（参考过往违

约率及前瞻性资料）；

Key audit matters	How our audit addressed the key audit matters
关键审计事项	我们的审计如何对关键审计事项进行处理

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

亚积邦租赁控股有限公司 / 2025年报

As disclosed in notes 4 and 31 to the consolidated financial

statements, the management of the Group estimates the

amount of lifetime expected credit los (“ECL”) of lease

receivables and trade receivables based on individual

asesment or by grouping of various debtors that have similar

risk exposure, after considering internal grouping of lease

receivables and trade receivables. Estimated loses are based on

historical observed default rates and are adjusted for forward-

loking information that is reasonable and suportable and

available without undue costs or efort.

诚如综合财务报表附注4及31所披露，贵集团管理层根

据个别评估或对具有类似风险敞口的各类应收账款进行分

组，估计应收租赁款项及贸易应收款项的全期预期信贷亏

损（「预期信贷亏损」）金额，当中经考虑应收租赁款项及贸

易应收款项的内部分组。估计亏损乃根据过往观察到的违

约率计算得出，并就无需付出不必要的费用或努力即可获

得的合理且有理据的前瞻性资料作出调整。

As disclosed in notes 19 and 31 to the consolidated financial

statements, the Group’s lifetime ECL on lease receivables

and trade receivables as at 31 March 2025 amounted to

HK$18,169,000. Impairment loses of HK$2,847,000 has ben

recognised in the profit or los for the curent year.

诚如综合财务报表附注19及31所披露，贵集团于2025年

3月31日的应收租赁款项及贸易应收款项的全期预期信贷

亏损为18,169,000港元。2,847,000港元的减值亏损已于本

年度在损益中确认。

• Checking calculation and basis of default rates adopted

by the management for the impairment asesment to

the underlying information used by management, on a

sample basis, with reference to the historical setlement

analysis of lease receivables and trade receivables; and

经参考应收租赁款项及贸易应收款项的过往结算

分析后，抽样检查管理层于减值评估时所采纳的

违约率计算方式及基准，以及管理层所用的相关

资料；及

• Checking the information used by management for

developing the impairment asesment for lease

receivables and trade receivables, including aged

analysis as at 31 March 2025, on a sample basis,

by comparing individual items in the analysis with

the relevant sales invoices and other suporting

documents.

透过将分析中的个别项目与相关销售发票及其他

证明文件进行比较，抽样检查管理层就应收租赁

款项及贸易应收款项制定减值评估的所用资料，

包括于2025年3月31日的账龄分析。

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

AP Rentals Holdings Limited / Anual Report 2025

OTHER INFORMATION

The directors of the Company are responsible for the other information.

The other information comprises the information included in the anual

report, but does not include the consolidated financial statements and our

auditor’s report thereon.

Our opinion on the consolidated financial statements does not cover the

other information and we do not expres any form of asurance conclusion

thereon.

In conection with our audit of the consolidated financial statements,

our responsibility is to read the other information and, in doing so,

consider whether the other information is materialy inconsistent with the

consolidated financial statements or our knowledge obtained in the audit

or otherwise apears to be materialy mistated. If, based on the work we

have performed, we conclude that there is a material mistatement of this

other information, we are required to report that fact. We have nothing to

report in this regard.

RESPONSIBILITIES OF DIRECTORS AND THOSE

CHARGED WITH GOVERNANCE FOR THE

CONSOLIDATED FINANCIAL STATEMENTS

The directors of the Company are responsible for the preparation of

the consolidated financial statements that give a true and fair view in

acordance with HKFRS Acounting Standards as isued by the HKICPA and

the disclosure requirements of the Hong Kong Companies Ordinance, and

for such internal control as the directors determine is necesary to enable

the preparation of consolidated financial statements that are fre from

material mistatement, whether due to fraud or eror.

In preparing the consolidated financial statements, the directors are

responsible for asesing the Group’s ability to continue as a going

concern, disclosing, as aplicable, maters related to going concern and

using the going concern basis of acounting unles the directors either

intend to liquidate the Group or to cease operations, or have no realistic

alternative but to do so.

Those charged with governance are responsible for overseing the Group’s

financial reporting proces.

其他资料

贵公司董事需对其他资料负责。其他资料包括刊

载于年报内的资料，但不包括综合财务报表及我

们的核数师报告。

我们对综合财务报表的意见并不涵盖其他资料，

我们亦不对该等其他资料发表任何形式的鉴证结

论。

结合我们对综合财务报表的审计，我们的责任是

阅读其他资料，在此过程中，考虑其他资料是否

与综合财务报表或我们在审计过程中所了解的情

况存在重大抵触或者似乎存在重大错误陈述的情

况。基于我们已执行的工作，如果我们认为其他

资料存在重大错误陈述，我们需要报告该事实。

在这方面，我们没有任何报告。

董事及管治层就综合财务报表须承担的

责任

贵公司董事须负责根据香港会计师公会颁布的香

港财务报告准则会计准则及香港公司条例的披

露规定编制真实而公平地反映情况的综合财务报

表，并对其认为使综合财务报表的编制不存在

由于欺诈或错误而导致的重大错误陈述所需的内

部监控负责。

在编制综合财务报表时，董事负责评估贵集团

持续经营的能力，披露（如适用）与持续经营有关

的事项，并采用持续经营会计基准，除非董事有

意将贵集团清盘或停止营运，或除此之外别无

其他实际的替代方案。

管治层须负责监督贵集团的财务申报程序。

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

亚积邦租赁控股有限公司 / 2025年报

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE

CONSOLIDATED FINANCIAL STATEMENTS

Our objectives are to obtain reasonable asurance about whether the

consolidated financial statements as a whole are fre from material

mistatement, whether due to fraud or eror, and to isue an auditor’s

report that includes our opinion solely to you, as a body, in acordance

with our agred terms of engagement, and for no other purpose. We do

not asume responsibility towards or acept liability to any other person

for the contents of this report. Reasonable asurance is a high level of

asurance, but is not a guarante that an audit conducted in acordance

with HKSAs wil always detect a material mistatement when it exists.

Mistatements can arise from fraud or eror and are considered material

if, individualy or in the agregate, they could reasonably be expected

to influence the economic decisions of users taken on the basis of these

consolidated financial statements.

As part of an audit in acordance with HKSAs, we exercise profesional

judgement and maintain profesional skepticism throughout the audit. We

also:

• Identify and ases the risks of material mistatement of the

consolidated financial statements, whether due to fraud or eror,

design and perform audit procedures responsive to those risks,

and obtain audit evidence that is suficient and apropriate to

provide a basis for our opinion. The risk of not detecting a material

mistatement resulting from fraud is higher than for one resulting

from eror, as fraud may involve colusion, forgery, intentional

omisions, misrepresentations, or the overide of internal control.

• Obtain an understanding of internal control relevant to the audit

in order to design audit procedures that are apropriate in the

circumstances, but not for the purpose of expresing an opinion on

the efectivenes of the Group’s internal control.

• Evaluate the apropriatenes of acounting policies used and the

reasonablenes of acounting estimates and related disclosures

made by the directors.

核数师就审核综合财务报表承担的责任

我们的目标，是对综合财务报表整体是否不存在

由于欺诈或错误而导致的重大错误陈述取得合理

保证，并按照协定聘用条款仅向全体股东出具包

括我们意见的核数师报告。除此以外，我们的报

告不可用作其他用途。我们并不就本报告之内容

对任何其他人士承担任何责任或接受任何义务。

合理保证是高水准的保证，但不能保证按照香港

审计准则进行的审计在某一重大错误陈述存在时

总能发现。错误陈述可以由欺诈或错误引起，如

果合理预期它们单独或汇总起来可能影响使用者

依赖该等综合财务报表所作出的经济决定，则有

关的错误陈述可被视作重大。

在根据香港审计准则进行审计的过程中，我们运

用专业判断并保持专业怀疑态度。我们亦：

• 识别及评估由于欺诈或错误而导致综合财

务报表存在重大错误陈述的风险，设计及

执行审计程序以应对该等风险，以及获取

充足和适当的审计凭证，作为我们意见的

基础。由于欺诈可能涉及串谋、伪造、蓄

意遗漏、虚假陈述或凌驾内部监控之上的

情况，故未能发现因欺诈而导致的重大错

误陈述的风险高于未能发现因错误而导致

的重大错误陈述的风险。

，以设计适当

的审计程序，惟并非旨在对贵集团的内

部监控成效发表意见。

• 评估董事所采用会计政策是否恰当以及所

作出会计估计及相关披露是否合理。

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

AP Rentals Holdings Limited / Anual Report 2025

• 对董事采用持续经营会计基础是否恰当作

出结论，并根据所获取的审计凭证，确定

是否存在与可能导致对贵集团的持续经

营能力产生重大疑虑的事件或情况有关的

重大不确定因素。倘我们认为存在重大不

确定因素，则有必要在核数师报告中提请

使用者注意综合财务报表中的相关披露。

倘有关披露不足，则修订我们的意见。我

们的结论乃基于截至核数师报告日期止所

取得的审计凭证。然而，未来事件或情况

可能导致贵集团无法持续经营。

、结构

及内容，包括披露资料，以及综合财务报

表是否中肯反映相关交易及事件。

，以就贵集团内实

体或业务单位的财务资料获取充分适当的

审计凭证，作为对集团财务报表发表意见

的基础。我们负责指导、监督及审阅为进

行集团审计而执行的审计工作。我们为审

核意见承担全部责任。

除其他事项外，我们与管治层就审计的规划范

围、时间安排及重大审计发现进行沟通，包括我

们在审计过程中识别的任何重大内部监控缺失。

我们还向管治层提交声明，说明我们已符合有关

独立性的相关专业道德要求，并与他们沟通有可

能合理地被认为会影响我们独立性的所有关系和

其他事项，以及在适用的情况下，用以消除威胁

的行动或采取的防范措施。

’ use of the going

concern basis of acounting and, based on the audit evidence

obtained, whether a material uncertainty exists related to events

or conditions that may cast significant doubt on the Group’s ability

to continue as a going concern. If we conclude that a material

uncertainty exists, we are required to draw atention in our auditor’s

report to the related disclosures in the consolidated financial

statements or, if such disclosures are inadequate, to modify our

opinion. Our conclusions are based on the audit evidence obtained

up to the date of our auditor’s report. However, future events or

conditions may cause the Group to cease to continue as a going

concern.

, structure and content of the

consolidated financial statements, including the disclosures, and

whether the consolidated financial statements represent the

underlying transactions and events in a maner that achieves fair

presentation.

• Plan and perform the group audit to obtain suficient apropriate

audit evidence regarding the financial information of the entities or

busines units within the Group as a basis for forming an opinion on

the group financial statements. We are responsible for the direction,

supervision and review of the audit work performed for purposes of

the group audit. We remain solely responsible for our audit opinion.

We comunicate with those charged with governance regarding, among

other maters, the planed scope and timing of the audit and significant

audit findings, including any significant deficiencies in internal control that

we identify during our audit.

We also provide those charged with governance with a statement

that we have complied with relevant ethical requirements regarding

independence, and to comunicate with them al relationships and other

maters that may reasonably be thought to bear on our independence, and

where aplicable, actions taken to eliminate threats or safeguards aplied.

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

亚积邦租赁控股有限公司 / 2025年报

从与管治层沟通的事项中，我们确定哪些事项对

本期综合财务报表的审计最为重要，因而构成

关键审计事项。我们在核数师报告中描述这些事

项，除非法律法规不允许公开披露这些事项，或

在极端罕见的情况下，如果合理预期在我们报告

中沟通某事项造成的负面后果超过产生的公众利

益，我们决定不应在报告中沟通该事项。

出具本独立核数师报告的审计项目合伙人为张颂

贤（执业证书编号：P04858）。

德勤•关黄陈方会计师行

执业会计师

香港

2025年6月26日

From the maters comunicated with those charged with governance, we

determine those maters that were of most significance in the audit of the

consolidated financial statements of the curent period and are therefore

the key audit maters. We describe these maters in our auditor’s report

unles law or regulation precludes public disclosure about the mater or

when, in extremely rare circumstances, we determine that a mater should

not be comunicated in our report because the adverse consequences of

doing so would reasonably be expected to outweigh the public interest

benefits of such comunication.

The engagement partner on the audit resulting in the independent

auditor’s report is Cheung, Chung Yin, Lawrence (practising certificate

number: P04858).

Deloite Touche Tohmatsu

Certified Public Acountants

Hong Kong

26 June 2025

2025
2025年
HK$’000
千港元
40,019
120,205
160,224
(113,774)
46,450
3,377
10,275
267
(2,847)
(40,732)
(597)
47
(1,887)
14,353
(2,196)
12,157
162
12,319
1.41

CONSOLIDATED STATEMENT OF PROFIT OR LOS

AND OTHER COMPREHENSIVE INCOME

综合损益及其他全面收益表

For the year ended 31 March 2025 截至2025年3月31日止年度

AP Rentals Holdings Limited / Anual Report 2025

2024年

NOTESHK$’000

附注千港元

Revenue收益5

Gods and services货品及服务59,550

Leasing of equipment租赁设备114,520

Total revenue总收益174,070

Cost of sales and services销售及服务成本(122,028)

Gros profit毛利52,042

Other income其他收入63,232

Other gains and loses其他收益及亏损72,197

Reversal of impairment loses

(impairment loses) recognised on

property, plant and equipment, net

已确认物业、机械及设备减值

亏损拨回（减值亏损）净额

14(54)

(Impairment loses) reversal of

impairment loses under ECL model

recognised on lease receivables and

trade receivables, net

根据预期信贷亏损模式

已确认应收租赁款项及

贸易应收款项（减值亏损）

减值亏损拨回净额311,677

Administrative expenses行政开支(39,847)

Seling and distribution expenses销售及分销开支(1,205)

Share of result of a joint venture分占一间合营企业的业绩(2,920)

Finance costs融资成本8(1,656)

Profit before tax除税前溢利13,466

Income tax expense所得税开支9(3,102)

Profit for the year本年度溢利1010,364

Other comprehensive income (expense)

for the year

本年度其他全面收益（开支）

Item that may be reclasified subsequently to

profit or los:

其后可重新分类至损益的项目：

Exchange diferences arising on

translation of foreign operations

换算海外业务产生的

汇兑差额(600)

Total comprehensive income for the year本年度全面收益总额9,764

Earnings per share — basic (HK cents)每股盈利— 基本（港仙）131.20

2025
2025年
HK$’000
千港元
153,584
7,883
1,169
650
3,112
127
166,525
21,580
42,035
291
360
108,334
172,600
29,793
–
575
3,062
3,003
40,498
282
3,088
80,301
92,299
258,824

CONSOLIDATED STATEMENT OF

FINANCIAL POSITION

综合财务状况表

At 31 March 2025 于2025年3月31日

亚积邦租赁控股有限公司 / 2025年报

2024年

NOTESHK$’000

附注千港元

Non-curent Asets非流动资产

Property, plant and equipment物业、机械及设备14165,925

Right-of-use asets使用权资产153,416

Prepayments and deposits paid for

acquisition of property,

plant and equipment

就收购物业、机械及

设备的已付预付款项

及按金191,089

Rental deposits租金按金19650

Deposit placed for a life insurance policy寿险保单存款163,047

Interest in a joint venture于一间合营企业的权益17–

174,127

Curent Asets流动资产

Inventories存货1822,453

Trade and other receivables,

deposits and prepayments

贸易及其他应收款项、

按金及预付款项1943,273

Amount due from a joint venture应收一间合营企业的款项255,552

Pledged bank deposit已抵押银行存款20360

Cash and cash equivalents现金及现金等价物2093,661

165,299

Curent Liabilities流动负债

Trade and other payables and

acrued charges

贸易及其他应付款项及

应计费用2137,315

Amount due to a joint venture应付一间合营企业的款项25420

Contract liabilities合约负债22952

Receipts in advance预收账款3,975

Tax liabilities税项负债4,712

Borowings — due within one year借款 — 一年内到期2338,085

Defered income递延收入6429

Lease liabilities租赁负债263,120

89,008

Net Curent Asets流动资产净值76,291

Total Asets les Curent Liabilities总资产减流动负债250,418

2025
2025年
HK$’000
千港元
1,362
18,545
4,858
24,765
234,059
864
233,195
234,059

CONSOLIDATED STATEMENT OF

FINANCIAL POSITION

综合财务状况表

At 31 March 2025 于2025年3月31日

AP Rentals Holdings Limited / Anual Report 2025

2024年

NOTESHK$’000

附注千港元

Non-curent Liabilities非流动负债

Borowings借款231,068

Defered tax liabilities递延税项负债2420,645

Lease liabilities租赁负债26399

22,112

Net Asets资产净值228,306

Capital and Reserves资本及储备

Isued capital已发行股本27864

Reserves储备227,442

Total Equity总权益228,306

The consolidated financial statements on pages 132 to 224 were aproved

and authorised for isue by the Board of Directors on 26 June 2025 and are

signed on its behalf by:

LAU PONG SINGCHAN KIT MUI, LINA

刘邦成陈洁梅

DirectorDirector

董事董事

载于第132页至第224页之综合财务报表已于2025

年6月26日获董事会批准及授权刊发，并由下列

董事代表签署：

Issued	Share	Merger	Legal	Translation	Retained
capital	premium	reserve	reserve	reserve	profits	Total
已发行股本	股份溢价	合并储备	法定储备	汇兑储备	保留溢利	总计
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元	千港元	千港元	千港元
		(Note i)	(Note ii)
		（附注i）	（附注ii）

864	232,345	(102,443)	12	(77)	97,605	228,306
–	–	–	–	–	12,157	12,157
–	–	–	–	162	–	162
–	–	–	–	162	12,157	12,319
–	–	–	–	–	(6,566)	(6,566)
864	232,345	(102,443)	12	85	103,196	234,059

135亚积邦租赁控股有限公司 / 2025年报

CONSOLIDATED STATEMENT OF

CHANGES IN EQUITY

综合权益变动表

For the year ended 31 March 2025 截至2025年3月31日止年度

At 1 April 2023于2023年4月1日864232,345(102,443)1252392,857224,158

Profit for the year本年度溢利–10,36410,364

Exchange diferences arising on

translation of foreign operations

换算海外业务产生的

汇兑差额–(600)–(600)

Total comprehensive (expense)

income for the year

本年度全面（开支）

收益总额–(600)10,3649,764

Dividend paid已付股息–(5,616)(5,616)

At 31 March 2024于2024年3月31日

Profit for the year本年度溢利

Exchange diferences arising on

translation of foreign operations

换算海外业务产生的

汇兑差额

Total comprehensive income

for the year

本年度全面收益总额

Dividend paid已付股息

At 31 March 2025于2025年3月31日

Notes:

i. Merger reserve represents the diference betwen the amount of share

capital and share premium of the Company isued, and the isued share

capital of AP Rentals Limited exchanged in conection with the group

reorganisation on 21 July 2015.

i. In acordance with Article 377 of the Comercial Code of Macau Special

Administrative Region, the subsidiary registered in Macau is required to

transfer part of its profits of each acounting period of not les than 25% as

legal reserve, until it reaches an amount equal to half of the capital.

附注：

i. 合并储备指本公司已发行股本金额及股份溢

价与因于2015年7月21日进行集团重组而交

换亚积邦租赁有限公司已发行股本之差额。

i. 根据澳门特别行政区商法典第377条，于澳门

注册的附属公司须将其各会计期间不少于25%

的溢利转拨至法定储备，直至达到相等于其

资本一半的金额。

2025
2025年
HK$’000
千港元
14,353
(267)
3,632
2,847
43,808
3,703
1,887
(9,561)
(147)
(47)
(2,870)
57,338
(6,529)
(1,115)
5,761
4,935
(420)
(377)
(913)
58,680
(6,005)
52,675

CONSOLIDATED STATEMENT OF

CASH FLOWS

综合现金流量表

For the year ended 31 March 2025 截至2025年3月31日止年度

AP Rentals Holdings Limited / Anual Report 2025

2024年

HK$’000

千港元

Operating activities经营活动

Profit before tax除税前溢利13,466

Adjustments for:就以下项目作出调整：

(Reversal of impairment loses) impairment loses

recognised on property, plant and equipment

已确认物业、机械及设备

（减值亏损拨回）减值亏损54

Write-down on inventories撇减存货437

Impairment loses (reversal of impairment loses)

under expected credit loses recognised on

lease receivables and trade receivables, net

根据预期信贷亏损已确认

应收租赁款项及贸易

应收款项减值亏损

（减值亏损拨回）净额(1,677)

Depreciation of property, plant and equipment物业、机械及设备折旧45,220

Depreciation of right-of-use asets使用权资产折旧3,526

Finance costs融资成本1,656

Gain on disposal of property, plant and equipment出售物业、机械及设备收益(2,512)

Amortisation of defered income递延收入摊销(130)

Share of result of a joint venture分占一间合营企业的业绩2,920

Interest income利息收入(2,651)

Operating cash flows before movements

in working capital

营运资金变动前的经营现金流量

60,309

Increase in inventories存货增加(9,252)

(Increase) decrease in trade and other receivables,

deposits and prepayments

贸易及其他应收款项、按金及

预付款项（增加）减少6

Decrease (increase) in amount due from

a joint venture

应收一间合营企业的款项

减少（增加）(5,552)

Increase in trade and other payables and

acrued charges

贸易及其他应付款项以及

应计费用增加5,094

Decrease in amount due to a joint venture应付一间合营企业的款项减少–

Decrease in contract liabilities合约负债减少(202)

Decrease in receipts in advance预收账款减少(7,366)

Cash generated from operations营运所得现金43,037

Income tax paid已付所得税(5,836)

Net cash from operating activities经营活动所得现金净额37,201

2025
2025年
HK$’000
千港元
2,870
(80)
(44,230)
13,924
(500)
(28,016)
(1,887)
20,398
(17,691)
(3,769)
(6,566)
(9,515)
15,144
93,661
(471)
108,334
108,334

CONSOLIDATED STATEMENT OF

CASH FLOWS

综合现金流量表

For the year ended 31 March 2025 截至2025年3月31日止年度

亚积邦租赁控股有限公司 / 2025年报

2024年

HK$’000

千港元

Investing activities投资活动

Interest received已收利息2,651

Increase in prepayments and deposits for

acquisition of property, plant and equipment

收购物业、机械及设备的

预付款项及按金增加(665)

Purchase of property, plant and equipment购买物业、机械及设备(18,252)

Proceds from disposal of property, plant and

equipment

出售物业、机械及设备所得款项

8,279

Contribution to a joint venture向一间合营企业注资(2,500)

Net cash used in investing activities投资活动所用现金净额(10,487)

Financing activities融资活动

Interest paid已付利息(1,656)

New borowings raised新增借款20,263

Repayments of borowings偿还借款(16,372)

Repayments of lease liabilities偿还租赁负债(3,675)

Dividend paid已付股息(5,616)

Net cash used in financing activities融资活动所用现金净额(7,056)

Net increase in cash and cash equivalents现金及现金等价物增加净额19,658

Cash and cash equivalents at begining

of the year

年初现金及现金等价物

74,559

Efect of foreign exchange rate changes外汇率变动之影响(556)

Cash and cash equivalents at end of the year年末现金及现金等价物93,661

Analysis of the balances of cash and

cash equivalents

现金及现金等价物结余分析

Cash and cash equivalents现金及现金等价物93,661

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

AP Rentals Holdings Limited / Anual Report 2025

1. GENERAL INFORMATION

AP Rentals Holdings Limited (the “Company”) was incorporated as

an exempted company and registered in the Cayman Islands with

limited liability under the Companies Law, Cap 22 (Law 3 of 1961, as

consolidated and revised) of the Cayman Islands on 11 June 2015.

The shares of the Company have ben listed on The Stock Exchange

of Hong Kong Limited (the “Stock Exchange”) with efect from 8

April 2016. The adreses of the registered ofice of the Company is

Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-

1111, Cayman Islands and its principal place of busines is Unit 806A,

8th Flor, Tower I, South Seas Centre, No. 75 Mody Road, Kowlon,

Hong Kong.

The Company acts as an investment holding company. Details of the

principal activities of the subsidiaries are set out in note 37.

The consolidated financial statements are presented in Hong

Kong dolars (“HK$”), which is also the functional curency of the

Company.

1. 一般资料

亚积邦租赁控股有限公司（「本公司」）于

2015年6月11日根据开曼群岛公司法第

二十二章（1961年第3号法例，经综合及修

订）在开曼群岛注册成立为获豁免有限公司

并于开曼群岛注册。本公司股份自2016年

4月8日起在香港联合交易所有限公司（「联

交所」）上市。本公司注册办事处的地址为

Cricket Square, Hutchins Drive, P.O. Box 2681,

Grand Cayman KY1-1111, Cayman Islands，其

主要营业地点为香港九龙么地道75号南洋

中心第二座8楼806A室。

本公司以投资控股公司行事。附属公司的

主要业务详情载于附注37。

综合财务报表乃以港元（「港元」）呈列，其

亦为本公司功能货币。

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

亚积邦租赁控股有限公司 / 2025年报

2. APLICATION OF NEW AND AMENDMENTS TO

HKFRS ACOUNTING STANDARDS

Amendments to HKFRS Acounting Standards that are

mandatorily efective for the curent year

In the curent year, the Group has aplied the folowing

amendments to HKFRS Acounting Standards isued by the Hong

Kong Institute of Certified Public Acountants (“HKICPA”) for the first

time, which are mandatorily efective for the Group’s anual period

begining on 1 April 2024 for the preparation of the consolidated

financial statements:

Amendments to HKFRS 16Lease Liability in a Sale and Leaseback

Amendments to HKAS 1Clasification of Liabilities as Curent or

Non-Curent and related amendments

to Hong Kong Interpretation 5 (2020)

Amendments to HKAS 1Non-Curent Liabilities with Covenants

Amendments to HKAS 7

and HKFRS 7

Suplier Finance Arangements

The aplication of the amendments to HKFRS Acounting Standards

in the curent year has had no material impact on the Group’s

financial positions and performance for the curent and prior years

and/or on the disclosures set out in these consolidated financial

statements.

2. 应用新订香港财务报告准则会计准

则及修订本

于本年度强制生效的香港财务报告准

则会计准则修订本

于本年度，本集团就编制综合财务报表首

次应用由香港会计师公会（「香港会计师公

会」）颁布并于2024年4月1日开始的本集团

年度期间强制生效的下列香港财务报告准

则会计准则修订本：

香港财务报告准则第16号

的修订本

售后租回的租赁负债

香港会计准则第1号的修订本将负债分类为流动或

非流动及香港诠释

第5号（2020年）的相关

修订本

香港会计准则第1号的修订本附带契诺的非流动负债

香港会计准则第7号及

香港财务报告准则第7号

的修订本

供应商融资安排

于本年度应用香港财务报告准则会计准则

修订本对本集团于本年度及过往年度的财

务状况及表现及╱或于该等综合财务报表

所载的披露并无造成重大影响。

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

AP Rentals Holdings Limited / Anual Report 2025

2. 应用新订香港财务报告准则会计准

则及修订本（续）

已颁布但尚未生效的新订香港财务报

告准则会计准则及修订本

本集团并无提早应用以下已颁布但尚未生

效的新订香港财务报告准则会计准则及修

订本：

香港财务报告准则第9号及

香港财务报告准则第7号

的修订本

金融工具分类与计量

的修订

香港财务报告准则第10号及

香港会计准则第28号

的修订本

投资者与其联营公司或

合营企业之间的资产销

售或投入

香港财务报告准则会计准则

的修订本

香港财务报告准则会计

准则的年度改进 —

第11册

香港会计准则第21号

的修订本

缺乏可兑换性

香港财务报告准则第18号财务报表的呈列及披露

于某待定日期或之后开始的年度期间生效。

于2025年1月1日或之后开始的年度期间

生效。

于2026年1月1日或之后开始的年度期间

生效。

于2027年1月1日或之后开始的年度期间

生效。

除下文所述的新订香港财务报告准则会计

准则外，本公司董事预期，于可见的将来

应用所有香港财务报告准则会计准则修订

本对综合财务报表将不会造成重大影响。

2. APLICATION OF NEW AND AMENDMENTS TO

HKFRS ACOUNTING STANDARDS (Continued)

New and amendments to HKFRS Acounting Standards

in isue but not yet efective

The Group has not early aplied the folowing new and amendments

to HKFRS Acounting Standards that have ben isued but are not

yet efective:

Amendments to HKFRS 9

and HKFRS 7

Amendments to the Clasification

and Measurement of Financial

Instruments

Amendments to HKFRS 10

and HKAS 28

Sale or Contribution of Asets betwen

an Investor and its Asociate or

Joint Venture

Amendments to HKFRS

Acounting Standards

Anual Improvements to HKFRS

Acounting Standards — Volume 11

Amendments to HKAS 21Lack of Exchangeability

HKFRS 18Presentation and Disclosure in Financial

Statements

Efective for anual periods begining on or after a date to be

determined.

Efective for anual periods begining on or after 1 January 2025.

Efective for anual periods begining on or after 1 January 2026.

Efective for anual periods begining on or after 1 January 2027.

Except for the new HKFRS Acounting Standards mentioned below,

the directors of the Company anticipate that the aplication of al

amendments to HKFRS Acounting Standards wil have no material

impact on the consolidated financial statements in the foreseable

future.

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

亚积邦租赁控股有限公司 / 2025年报

2. 应用新订香港财务报告准则会计准

则及修订本（续）

已颁布但尚未生效的新订香港财务报

告准则会计准则及修订本（续）

香港财务报告准则第18号「财务报表的呈

列及披露」（「香港财务报告准则第18号」）

香港财务报告准则第18号（当中载列有关

财务报表呈列及披露的规定）将取代香港会

计准则第1号「财务报表的呈列」（「香港会

计准则第1号」）。此项新订香港财务报告

准则会计准则在沿用香港会计准则第1号

的多项规定的同时，引入在损益表中呈列

指定类别及界定小计的新规定；在财务报

表附注中提供有关管理层界定的表现计量

的披露，并改善财务报表中须披露资料的

合并及分类。此外，香港会计准则第1号的

部分段落已移至香港会计准则第8号「会计

政策、会计估计变动及错误」及香港财务报

告准则第7号「金融工具：披露」。香港会

计准则第7号「现金流量表」及香港会计准

则第33号「每股盈利」亦作出轻微修订。

香港财务报告准则第18号及其他准则的修

订本将于2027年1月1日或之后开始的年度

期间生效，并可提早应用。预期应用新订

准则将影响损益表的呈列及未来财务报表

的披露。本集团正在评估香港财务报告准

则第18号对本集团综合财务报表的详细影

响。

2. APLICATION OF NEW AND AMENDMENTS TO

HKFRS ACOUNTING STANDARDS (Continued)

New and amendments to HKFRS Acounting Standards

in isue but not yet efective (Continued)

HKFRS 18 Presentation and Disclosure in Financial Statements

(“HKFRS 18”)

HKFRS 18, which sets out requirements on presentation and

disclosures in financial statements, wil replace HKAS 1 Presentation

of Financial Statements (“HKAS 1”). This new HKFRS Acounting

Standards, while carying forward many of the requirements in HKAS

1, introduces new requirements to present specified categories

and defined subtotals in the statement of profit or los; provides

disclosures on management-defined performance measures in

the notes to the financial statements and improves agregation

and disagregation of information to be disclosed in the financial

statements. In adition, some HKAS 1 paragraphs have ben moved

to HKAS 8 Acounting Policies, Changes in Acounting Estimates

and Erors and HKFRS 7 Financial Instruments: Disclosures. Minor

amendments to HKAS 7 Statement of Cash Flows and HKAS 33

Earnings per Share are also made.

HKFRS 18, and amendments to other standards, wil be efective

for anual periods begining on or after 1 January 2027, with early

aplication permited. The aplication of the new standard is

expected to afect the presentation of the statement of profit or los

and disclosures in the future financial statements. The Group is in the

proces of asesing the detailed impact of HKFRS 18 on the Group’s

consolidated financial statements.

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

AP Rentals Holdings Limited / Anual Report 2025

3. 综合财务报表的编制基准及重大会

计政策资料

3.1 综合财务报表的编制基准

综合财务报表乃按香港会计师公会颁

布的香港财务报告准则会计准则编

制。就编制综合财务报表而言，倘资

料合理预期将会影响主要使用者作出

的决定，则有关资料被视为重大。此

外，综合财务报表包括联交所证券上

市规则及香港公司条例规定的适用披

露资料。

于批准综合财务报表时，本公司董事

合理预期本集团有足够资源于可见将

来继续经营。因此，彼等于编制综合

财务报表时继续采用持续经营会计基

准。

3. BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION

3.1 Basis of preparation of consolidated financial

statements

The consolidated financial statements have ben prepared in

acordance with HKFRS Acounting Standards isued by the

HKICPA. For the purpose of preparation of the consolidated

financial statements, information is considered material

if such information is reasonably expected to influence

decisions made by primary users. In adition, the consolidated

financial statements include aplicable disclosures required

by the Rules Governing the Listing of Securities on the Stock

Exchange and by the Hong Kong Companies Ordinance.

The directors of the Company have, at the time of aproving

the consolidated financial statements, a reasonable

expectation that the Group has adequate resources to

continue in operational existence for the foreseable future.

Thus they continue to adopt the going concern basis of

acounting in preparing the consolidated financial statements.

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

亚积邦租赁控股有限公司 / 2025年报

3. 综合财务报表的编制基准及重大会

计政策资料（续）

3.2 重大会计政策资料

综合基准

综合财务报表包括本公司及受本公司

及其附属公司控制之实体之财务报

表。当本公司符合以下所列者，则视

为获得控制：

• 参与投资对象而获得或有权获

得可变回报；及

• 拥有行使权力以影响其回报之

能力。

倘事实及情况反映上文所列三项控制

因素其中一项或多项改变，则本集团

会重估是否仍然控制投资对象。

本集团获得附属公司控制权时便开始

将附属公司综合入账，并于本集团失

去附属公司控制权时终止综合入账。

具体而言，有关年度所收购或出售附

属公司之收入及开支于本集团自获得

控制权日期计入综合损益及其他全面

收益表，直至本集团不再控制该附属

公司为止。

所有关本集团成员之间交易的集团

内公司间资产、负债、权益、收入、

开支及现金流量会于综合入账时全数

撇销。

3. BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION (Continued)

3.2 Material acounting policy information

Basis of consolidation

The consolidated financial statements incorporate the

financial statements of the Company and entities controled

by the Company and its subsidiaries. Control is achieved when

the Company:

;

, or has rights, to variable returns from its

involvement with the investe; and

• has the ability to use its power to afect its returns.

The Group reaseses whether or not it controls an investe

if facts and circumstances indicate that there are changes to

one or more of the thre elements of control listed above.

Consolidation of a subsidiary begins when the Group obtains

control over the subsidiary and ceases when the Group loses

control of the subsidiary. Specificaly, income and expenses

of subsidiaries acquired or disposed of during the year are

included in the consolidated statement of profit or los and

other comprehensive income from the date the Group gains

control until the date when the Group ceases to control the

subsidiary.

Al intra-group asets, liabilities, equity, income, expenses and

cash flows relating to transactions betwen members of the

Group are eliminated in ful on consolidation.

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

AP Rentals Holdings Limited / Anual Report 2025

3. 综合财务报表的编制基准及重大会

计政策资料（续）

3.2 重大会计政策资料（续）

对合营企业的投资

合营企业是一种共同安排，拥有共同

控制权的各方对合营安排的净资产拥

有权利。共同控制是指根据合约协议

分享对某项安排的控制权，只有在相

关活动的决策需要分享控制权的各方

一致同意时，才会存在。

对合营企业的投资自被投资方成为合

营企业之日起以权益法入账。

合营企业的业绩及资产负债已使用权

益法纳入这些综合财务报表中。用于

权益法会计目的合营企业财务报表

乃根据与本集团在类似情况下对类似

交易及事项所采用的统一会计政策编

制。根据权益法，对合营企业的投资

最初按成本在综合财务状况表中确

认，随后调整以确认本集团在合营企

业的损益及其他全面收益的份额。当

本集团的亏损份额倘合营企业的亏损

超过本集团在该合营企业中的权益，

本集团将停止确认其应占的进一步亏

损。只有在本集团已承担法律或推定

义务或代表合营企业进行支付的情况

下，才会确认额外的亏损。

当本集团实体与本集团的合营企业进

行交易时，仅按合营企业的权益比例

在综合财务报表中确认来自该等交易

与本集团无关的损益。

3. BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Investment in a joint venture

A joint venture is a joint arangement whereby the parties

that have joint control of the arangement have rights to

the net asets of the joint arangement. Joint control is the

contractualy agred sharing of control of an arangement,

which exists only when decisions about the relevant activities

require unanimous consent of the parties sharing control.

An investment in a joint venture is acounted for using the

equity method from the date on which the investe becomes

a joint venture.

The results and asets and liabilities of a joint venture are

incorporated in these consolidated financial statements using

the equity method of acounting. The financial statements

of a joint venture used for equity acounting purposes are

prepared using uniform acounting policies as those of the

Group for like transactions and events in similar circumstances.

Under the equity method, an investment in a joint venture is

initialy recognised in the consolidated statement of financial

position at cost and adjusted thereafter to recognise the

Group’s share of the profit or los and other comprehensive

income of the joint venture. When the Group’s share of

loses of a joint venture exceds the Group’s interest in that

joint venture, the Group discontinues recognising its share

of further loses. Aditional loses are recognised only to

the extent that the Group has incured legal or constructive

obligations or made payments on behalf of the joint venture.

When a group entity transacts with a joint venture of the

Group, profits and loses resulting from the transactions with

the joint venture are recognised in the consolidated financial

statements only to the extent of interests in the joint venture

that are not related to the Group.

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

亚积邦租赁控股有限公司 / 2025年报

3. 综合财务报表的编制基准及重大会

计政策资料（续）

3.2 重大会计政策资料（续）

物业、机械及设备

物业、机械及设备是用于生产或是提

供货品或服务或作行政用途所持的有

形资产。物业、机械及设备乃按成本

减其后累计折旧及其后累计减值亏损

（如有）于综合财务状况表内列账。

折旧按撇销资产成本减估计可使用年

期剩余价值，以直线法确认。估计可

使用年期、剩余价值及折旧方法于各

报告期末审阅，而任何估计变动之影

响按前瞻基准入账。

物业、机械及设备项目于出售或预期

不会自持续使用该资产生日后经济

利益时取消确认。出售或报废物业、

机械及设备项目所产生之收益或亏损

按资产出售所得款项与账面值之差额

厘定并于损益确认。

3. BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Property, plant and equipment

Property, plant and equipment are tangible asets that are

held for use in the production or suply of gods or services,

or for administrative purposes. Property, plant and equipment

are stated in the consolidated statement of financial position

at cost les subsequent acumulated depreciation and

subsequent acumulated impairment loses, if any.

Depreciation is recognised so as to write of the cost of asets

les their residual values over their estimated useful lives,

using the straight-line method. The estimated useful lives,

residual value and depreciation method are reviewed at the

end of each reporting period, with the efect of any changes

in estimate acounted for on a prospective basis.

An item of property, plant and equipment is derecognised

upon disposal or when no future economic benefits are

expected to arise from the continued use of the aset. Any

gain or los arising on the disposal or retirement of an item of

property, plant and equipment is determined as the diference

betwen the sales proceds and the carying amount of the

aset and is recognised in profit or los.

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

AP Rentals Holdings Limited / Anual Report 2025

3. 综合财务报表的编制基准及重大会

计政策资料（续）

3.2 重大会计政策资料（续）

物业、机械及设备的减值

于报告期末，本集团检讨其物业、机

械及设备之账面值，以决定是否有任

何迹象显示该等资产录得减值亏损。

如有任何该等迹象，则会估计相关资

产之可收回金额，以厘定减值亏损

（如有）的程度。

机器及机械的可收回金额乃个别进行

估计。

可收回金额是指公允值减去出售成本

后的余额和使用价值两者中的较高

者。在评估使用价值时，预计未来现

金流量会采纳税前折现率折现为现

值，该税前折现率应反映对货币时间

价值的当前市场评价及该资产特有的

风险（未针对该风险调整估计未来现

金流量）。

倘若估计资产之可收回金额低于其账

面值，则资产之账面值将调低至其可

收回金额。

寿险保单存款

寿险保单存款最初按成本计量，随

后，利息收入扣除所存放存款的保单

保费、费用及保险手续费后于损益中

确认。

3. BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Impairment on property, plant and equipment

At the end of the reporting period, the Group reviews the

carying amounts of its property, plant and equipment to

determine whether there is any indication that these asets

have sufered an impairment los. If any such indication exists,

the recoverable amount of the relevant aset is estimated in

order to determine the extent of the impairment los (if any).

The recoverable amount of plant and machinery are estimated

individualy.

Recoverable amount is the higher of fair value les costs

of disposal and value in use. In asesing value in use, the

estimated future cash flows are discounted to their present

value using a pre-tax discount rate that reflects curent market

asesments of the time value of money and the risks specific

to the aset for which the estimates of future cash flows have

not ben adjusted.

If the recoverable amount of an aset is estimated to be les

than its carying amount, the carying amount of the aset is

reduced to its recoverable amount.

Deposit placed for a life insurance policy

Deposit placed for a life insurance policy is initialy measured

at cost and subsequently, interest income net of the policy

premium, expense and insurance charges of the deposit

placed is recognised in profit or los.

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

亚积邦租赁控股有限公司 / 2025年报

3. 综合财务报表的编制基准及重大会

计政策资料（续）

3.2 重大会计政策资料（续）

存货

存货按成本及可变现净值两者较低者

列账。存货成本按先入先出法厘定。

可变现净值指存货之估计售价减去一

切出售所需成本。进行销售所需成本

包括本集团为进行销售必须产生之销

售非递增成本直接应占之递增成本。

现金及现金等价物

现金及现金等价物于财务状况表呈

列，包括：

，其包括手头现金及活期

存款；及

，其包括短期（通

常原到期日为三个月或更短）、

可随时转换为已知数额现金且

价值变动风险不大的高流动性

投资。现金等价物持作满足短

期现金承担，而非用于投资或

其他目的。

3. BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Inventories

Inventories are stated at the lower of cost and net realisable

value. Costs of inventories are determined using the first-in,

first-out method. Net realisable value represents the estimated

seling price for inventories les al costs necesary to make

the sale. Costs necesary to make the sale include incremental

costs directly atributable to the sale non-incremental costs

which the Group must incur to make the sale.

Cash and cash equivalents

Cash and cash equivalents presented on the statement of

financial position include:

, which comprises of cash on hand and demand

deposits, and

, which comprises of short-term

(generaly with original maturity of thre months

or les), highly liquid investments that are readily

convertible to a known amount of cash and which are

subject to an insignificant risk of changes in value. Cash

equivalents are held for the purpose of meting short-

term cash comitments rather than for investment or

other purposes.

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

AP Rentals Holdings Limited / Anual Report 2025

3. 综合财务报表的编制基准及重大会

计政策资料（续）

3.2 重大会计政策资料（续）

金融工具

金融资产及金融负债于集团实体成为

工具合约条文的订约方时确认。

金融资产及金融负债初步按公允值计

量，惟客户合约产生的贸易应收款项

根据香港财务报告准则第15号「客户

合约收益」（「香港财务报告准则第15

号」作初步计量除外。收购或发行金

融资产及金融负债直接应占的交易成

本，于首次确认时加入金融资产或金

融负债的公允值，或从金融资产或金

融负债的公允值扣除（视情况而定）。

实际利率法是一种用于计算金融资产

或金融负债之已摊销成本以及在相关

期间内分配利息收入及利息开支的方

法。实际利率是可将金融资产或金融

负债于预计年期或较短期间（如适当）

之估计未来现金收入及付款（包括构

成实际利率整体部分之全部已付或已

收费用及点数、交易成本及其他溢价

或折让）确切贴现至首次确认时之账

面净值之利率。

3. BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Financial instruments

Financial asets and financial liabilities are recognised when a

group entity becomes a party to the contractual provisions of

the instrument.

Financial asets and financial liabilities are initialy measured

at fair value except for trade receivables arising from contracts

with customers which are initialy measured in acordance

with HKFRS 15 Revenue from Contracts with Customers

(“HKFRS 15”). Transaction costs that are directly atributable

to the acquisition or isue of financial asets and financial

liabilities are aded to or deducted from the fair value of the

financial asets or financial liabilities, as apropriate, on initial

recognition.

The efective interest method is a method of calculating

the amortised cost of a financial aset or financial liability

and of alocating interest income and interest expense over

the relevant period. The efective interest rate is the rate

that exactly discounts estimated future cash receipts and

payments (including al fes and points paid or received that

form an integral part of the efective interest rate, transaction

costs and other premiums or discounts) through the expected

life of the financial aset or financial liability, or, where

apropriate, a shorter period, to the net carying amount on

initial recognition.

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

亚积邦租赁控股有限公司 / 2025年报

3. 综合财务报表的编制基准及重大会

计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产

金融资产的分类及后续计量

符合下列条件的金融资产按摊销成本

进行后续计量：

• 目的为收取合约现金流量的业

务模式内持有的金融资产；及

• 合约条款规定在特定日期产生

的现金流量仅为支付本金及未

偿还本金额之利息。

摊销成本及利息收入

其后按摊销成本计量的金融资产采用

实际利率法确认利息收入。利息收入

乃透过将实际利率应用于金融资产的

账面值而计算，惟其后出现信贷减值

的金融资产则除外（见下文）。就其

后出现信贷减值的金融资产而言，利

息收入按将实际利率应用于自下个呈

报期起计的金融资产摊销成本予以确

认。倘出现信贷减值金融工具的信贷

风险降低，令金融资产不再维持信贷

减值，则利息收入在断定资产不再维

持信贷减值后，按将实际利率应用于

自呈报期初起计的金融资产账面总值

予以确认。

3. BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Financial instruments (Continued)

Financial asets

Clasification and subsequent measurement of financial

asets

Financial asets that met the folowing conditions are

subsequently measured at amortised cost:

• the financial aset is held within a busines model

whose objective is to colect contractual cash flows; and

• the contractual terms give rise on specified dates to

cash flows that are solely payments of principal and

interest on the principal amount outstanding.

Amortised cost and interest income

Interest income is recognised using the efective interest

method for financial asets measured subsequently at

amortised cost. Interest income is calculated by aplying

the efective interest rate to the gros carying amount

of a financial aset, except for financial asets that have

subsequently become credit-impaired (se below). For

financial asets that have subsequently become credit-

impaired, interest income is recognised by aplying the

efective interest rate to the amortised cost of the financial

aset from the next reporting period. If the credit risk on the

credit-impaired financial instrument improves so that the

financial aset is no longer credit-impaired, interest income is

recognised by aplying the efective interest rate to the gros

carying amount of the financial aset from the begining of

the reporting period folowing the determination that the

aset is no longer credit-impaired.

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

AP Rentals Holdings Limited / Anual Report 2025

3. 综合财务报表的编制基准及重大会

计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产（续）

须根据香港财务报告准则第9号进行

减值评估的金融资产及其他项目的减

值

本集团就须根据香港财务报告准则第

9号计提减值的金融资产（包括租金

按金、贸易及其他应收款项、应收一

间合营企业的款项、已抵押银行存款

以及银行结余）及应收租赁款项的预

期信贷亏损进行减值评估。预期信贷

亏损金额于各报告日期更新，以反映

信贷风险自首次确认以来的变动。

全期预期信贷亏损指于相关工具预计

年期内发生的所有可能违约事件所导

致的预期信贷亏损。相对地，12个月

预期信贷亏损（「12个月预期信贷亏

损」）指预期于报告日期后12个月内

可能发生的违约事件所导致的部分全

期预期信贷亏损。评估乃根据本集团

过往信贷亏损经验进行，并根据债务

人特定因素、整体经济状况以及于报

告日期的当前状况及未来状况预测的

评估而作出调整。

本集团在所有情况下就贸易应收款项

及应收租赁款项确认全期预期信贷亏

损。

3. BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets and other item subject to

impairment asesment under HKFRS 9

The Group performs impairment asesment under ECL model

on financial asets (including rental deposits, trade and other

receivables, amount due from a joint venture, pledged bank

deposit and bank balances) and lease receivables which are

subject to impairment under HKFRS 9. The amount of ECL is

updated at each reporting date to reflect changes in credit risk

since initial recognition.

Lifetime ECL represents the ECL that wil result from al

posible default events over the expected life of the relevant

instrument. In contrast, 12-month ECL (“12m ECL”) represents

the portion of lifetime ECL that is expected to result from

default events that are posible within 12 months after the

reporting date. Asesment are done based on the Group’s

historical credit los experience, adjusted for factors that are

specific to the debtors, general economic conditions and an

asesment of both the curent conditions at the reporting

date as wel as the forecast of future conditions.

The Group always recognises lifetime ECL for trade receivables

and lease receivables.

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

亚积邦租赁控股有限公司 / 2025年报

3. 综合财务报表的编制基准及重大会

计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产（续）

须根据香港财务报告准则第9号进行

减值评估的金融资产及其他项目的减

值（续）

就所有其他工具而言，本集团计量相

等于12个月预期信贷亏损的亏损拨

备，除非自首次确认以来信贷风险已

有显著增加，本集团则会确认全期预

期信贷亏损。评估是否应确认全期预

期信贷亏损乃基于自首次确认以来发

生违约之可能性或风险的显著增加而

定。

(i) 信贷风险显著增加

于评估自首次确认以来信贷风

险是否大幅增加时，本集团将

于报告日期金融工具发生的违

约风险与首次确认日期金融工

具发生的违约风险进行比较。

于进行该评估时，本集团考虑

合理且有理据的定量和定性资

料，包括毋须付出不必要的成

本或努力即可获得的过往经验

及前瞻性资料。

3. BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets and other item subject to

impairment asesment under HKFRS 9 (Continued)

For al other instruments, the Group measures the los

alowance equal to 12m ECL, unles when there has ben a

significant increase in credit risk since initial recognition, the

Group recognises lifetime ECL. The asesment of whether

lifetime ECL should be recognised is based on significant

increases in the likelihod or risk of a default ocuring since

initial recognition.

(i) Significant increase in credit risk

In asesing whether the credit risk has increased

significantly since initial recognition, the Group

compares the risk of a default ocuring on the financial

instrument as at the reporting date with the risk of a

default ocuring on the financial instrument as at the

date of initial recognition. In making this asesment,

the Group considers both quantitative and qualitative

information that is reasonable and suportable,

including historical experience and forward-loking

information that is available without undue cost or

efort.

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

AP Rentals Holdings Limited / Anual Report 2025

3. 综合财务报表的编制基准及重大会

计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产（续）

须根据香港财务报告准则第9号进行

减值评估的金融资产及其他项目的减

值（续）

(i) 信贷风险显著增加（续）

特别是，在评估信贷风险是否

显著增加时会考虑以下资料：

（如有）

或内部信贷评级的实际

或预期显著恶化；

• 信贷风险的外部市场指

标严重转差（如信贷息差

大幅增加、债务人的信

贷违约掉期价格）；

• 预计会造成债务人偿还

债务能力大幅下降的业

务、财务或经济状况的

现有或预期不利变化；

• 债务人营运业绩的实际

或预期大幅恶化；或

• 导致债务人偿还债务能

力大幅下降的债务人监

管、经济或科技环境的

实际或预期重大不利变

化。

3. BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets and other item subject to

impairment asesment under HKFRS 9 (Continued)

(i) Significant increase in credit risk (Continued)

In particular, the folowing information is taken into

acount when asesing whether credit risk has

increased significantly:

• an actual or expected significant deterioration in

the financial instrument’s external (if available) or

internal credit rating;

• significant deterioration in external market

indicators of credit risk, e.g. a significant increase

in the credit spread, the credit default swap prices

for the debtor;

financial or economic conditions that are

expected to cause a significant decrease in the

debtor’s ability to met its debt obligations;

• an actual or expected significant deterioration in

the operating results of the debtor; or

• an actual or expected significant adverse change

in the regulatory, economic, or technological

environment of the debtor that results in a

significant decrease in the debtor’s ability to met

its debt obligations.

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

亚积邦租赁控股有限公司 / 2025年报

3. 综合财务报表的编制基准及重大会

计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产（续）

须根据香港财务报告准则第9号进行

减值评估的金融资产及其他项目的减

值（续）

(i) 信贷风险显著增加（续）

不论上述评估的结果如何，可

以反驳的假设是，当合约付款

逾期超过30日，自首次确认以

来信贷风险已大幅增加，除非

本集团有合理及有理据的资料

证明则另作别论。

尽管如此，倘有关债务工具被

确定为于呈报日期拥有低信贷

风险，本集团乃假设该债务工

具的信贷风险并无自首次确认

以来显著增加。倘(i)债务工具

拥有低违约风险；(i)借款人具

备强大实力能履行其短期内之

合约现金流量责任；及(i)较为

长远之经济及业务状况之不利

变化可能会（但不一定会）削弱

借款人履行其合约现金流量责

任的能力，债务工具会被确定

为拥有低信贷风险。本集团在

债务工具之内部或外部信贷评

级按国际认可定义为达到「投

资级别」时，方会认定债务工

具拥有低信贷风险。

本集团定期监察用以确定信贷

风险曾否显著增加的标准的成

效，并于适当时候作出修订，

从而确保有关标准能够于款项

逾期前确定信贷风险有否显著

增加。

3. BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets and other item subject to

impairment asesment under HKFRS 9 (Continued)

(i) Significant increase in credit risk (Continued)

Irespective of the outcome of the above asesment,

there is a rebutable presumption that the credit risk

has increased significantly since initial recognition

when contractual payments are more than 30 days past

due, except for those the Group has reasonable and

suportable information that demonstrates otherwise.

Despite the aforegoing, the Group asumes that the

credit risk on a debt instrument has not increased

significantly since initial recognition if the debt

instrument is determined to have low credit risk at the

reporting date. A debt instrument is determined to

have low credit risk if (i) it has a low risk of default, (i) the

borower has a strong capacity to met its contractual

cash flow obligations in the near term and (i) adverse

changes in economic and busines conditions in the

longer term may, but wil not necesarily, reduce the

ability of the borower to fulfil its contractual cash flow

obligations. The Group considers a debt instrument to

have low credit risk when it has an internal or external

credit rating of “investment grade” as per globaly

understod definitions.

The Group regularly monitors the efectivenes of

the criteria used to identify whether there has ben a

significant increase in credit risk and revises them as

apropriate to ensure that the criteria are capable of

identifying significant increase in credit risk before the

amount becomes past due.

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

AP Rentals Holdings Limited / Anual Report 2025

3. 综合财务报表的编制基准及重大会

计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产（续）

须根据香港财务报告准则第9号进行

减值评估的金融资产及其他项目的减

值（续）

(i) 违约的定义

于内部信贷风险管理方面，本

集团认为当内部生成或自外部

来源获得的资料显示债务人不

太可能向其债权人（包括本集

团）悉数还款（不计及本集团持

有的任何抵押品）时，则发生

违约事件。

不论上述者如何，可以反驳的

假设是，违约不会发生，除非

迟于金融资产的到期日超过90

日，原因是本集团有合理及有

理据的资料显示更滞后之违约

准则更为适合。

(i) 出现信贷减值的金融资产

金融资产在发生一项或以上对

该金融资产的估计未来现金流

量构成不利影响的违约事件时

出现信贷减值。金融资产出现

信贷减值的证据包括有关下列

事件的可观察数据：

(a) 发行人或借款人遭遇重

大财困；

(b) 违反合约（如违约或逾期

事件）；或

或其他财务重组。

3. BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets and other item subject to

impairment asesment under HKFRS 9 (Continued)

(i) Definition of default

For internal credit risk management, the Group

considers an event of default ocurs when information

developed internaly or obtained from external sources

indicates that the debtor is unlikely to pay its creditors,

including the Group, in ful (without taking into acount

any colaterals held by the Group).

Irespective of the above, there is rebutable

presumption that default does not ocur later than

when a financial aset is more than 90 days past due

since the Group has reasonable and suportable

information to demonstrate that a more laging default

criterion is more apropriate.

(i) Credit-impaired financial asets

A financial aset is credit-impaired when one or more

events that have a detrimental impact on the estimated

future cash flows of that financial aset have ocured.

Evidence that a financial aset is credit-impaired

includes observable data about the folowing events:

(a) significant financial dificulty of the isuer or the

borower;

(b) a breach of contract, such as a default or past due

event; or

enter bankruptcy or other financial reorganisation.

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

亚积邦租赁控股有限公司 / 2025年报

3. 综合财务报表的编制基准及重大会

计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产（续）

须根据香港财务报告准则第9号进行

减值评估的金融资产及其他项目的减

值（续）

(iv) 撇销政策

当有资料显示交易对手处于严

重财困及并无实际复原迹象（如

交易对手已被清盘或已陷入破

产程序）时，本集团会撇销金

融资产。经考虑法律意见后（如

合适），已撇销的金融资产可

能仍须按本集团收回程序强制

处理。撇销构成取消确认的事

件。任何其后收回在损益中确

认。

(v) 计量及确认预期信贷亏损

计量预期信贷亏损为违约概

率、违约损失率程度（即倘发

生违约之损失幅度）及违约风

险之函数。违约概率及违约损

失率程度之评估乃根据经前瞻

性资料调整的历史数据作出。

预期信贷亏损的估计反映以发

生相关违约风险的金额作为加

权数值而确定的公允概率加权

金额。

一般而言，预期信贷亏损为根

据合约应付本集团之所有合约

现金流量与本集团预期将收取

之现金流量间之差额，并按首

次确认时厘定之实际利率贴

现。就应收租赁款项而言，用

于厘定预期信贷亏损的现金流

量与根据香港财务报告准则第

16号计量应收租赁款项所用之

现金流量贯彻一致。

3. BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets and other item subject to

impairment asesment under HKFRS 9 (Continued)

(iv) Write-of policy

The Group writes of a financial aset when there is

information indicating that the counterparty is in severe

financial dificulty and there is no realistic prospect

of recovery, for example, when the counterparty has

ben placed under liquidation or has entered into

bankruptcy procedings. Financial asets writen of

may stil be subject to enforcement activities under

the Group’s recovery procedures, taking into acount

legal advice where apropriate. A write-of constitutes

a derecognition event. Any subsequent recoveries are

recognised in profit or los.

(v) Measurement and recognition of ECL

The measurement of ECL is a function of the probability

of default, los given default (i.e. the magnitude of the

los if there is a default) and the exposure at default.

The asesment of the probability of default and los

given default is based on historical data adjusted by

forward-loking information. Estimation of ECL reflects

an unbiased and probability-weighted amount that

is determined with the respective risks of default

ocuring as the weights.

Generaly, the ECL is the diference betwen al

contractual cash flows that are due to the Group in

acordance with the contract and the cash flows that

the Group expects to receive, discounted at the efective

interest rate determined at initial recognition. For a lease

receivable, the cash flows used for determining the ECL

is consistent with the cash flows used in measuring the

lease receivable in acordance with HKFRS 16.

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

AP Rentals Holdings Limited / Anual Report 2025

3. 综合财务报表的编制基准及重大会

计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产（续）

须根据香港财务报告准则第9号进行

减值评估的金融资产及其他项目的减

值（续）

(v) 计量及确认预期信贷亏损（续）

若干贸易应收款项及应收租赁

款项之全期预期信贷亏损乃按

集体基准考虑，当中已考虑逾

期资料及相关信贷资料（如前

瞻性宏观经济资料）。

倘预期信贷亏损按整体基准计

量或迎合个别工具水平证据未

必存在的情况，则金融工具按

下列基准归类：

；及

归类工作经管理层定期检讨，

以确保各组别成份继续具有类

似信贷风险特点。

利息收入乃按金融资产之账面

总值计算，除非该金融资产出

现信贷减值，在此情况下，利

息收入按金融资产之摊销成本

计算。

本集团透过调整所有金融工具

的账面值于损益中确认其减值

收益或减值亏损，惟应收租赁

款项及贸易应收款项透过亏损

拨备账确认相应调整除外。

3. BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets and other item subject to

impairment asesment under HKFRS 9 (Continued)

(v) Measurement and recognition of ECL (Continued)

Lifetime ECL for certain trade receivables and lease

receivables are considered on a colective basis

taking into consideration past due information and

relevant credit information such as forward loking

macroeconomic information.

Where ECL is measured on a colective basis or cater for

cases where evidence at the individual instrument level

may not yet be available, the financial instruments are

grouped with reference to the folowing basis:

; and

;

The grouping is regularly reviewed by management

to ensure the constituents of each group continue to

share similar credit risk characteristics.

Interest income is calculated based on the gros

carying amount of the financial aset unles the

financial aset is credit-impaired, in which case interest

income is calculated based on amortised cost of the

financial aset.

The Group recognises an impairment gain or los

in profit or los for al financial instruments by

adjusting their carying amount, with the exception

of lease receivables and trade receivables where the

coresponding adjustment is recognised through a los

alowance acount.

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

亚积邦租赁控股有限公司 / 2025年报

3. 综合财务报表的编制基准及重大会

计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产（续）

取消确认金融资产

仅当从资产收取现金流量之合约权利

届满，或当本集团转让金融资产且将

该资产拥有权之绝大部份风险及回报

转移至另一实体，本集团方会取消确

认金融资产。

于取消确认按摊销成本计量的金融资

产时，资产账面值与已收及应收代价

的差额将于损益中确认。

金融负债及股本

分类为债务或股本

债务及股本工具乃根据合约安排的内

容及金融负债和股本工具的定义，分

类为金融负债或股本。

股本工具

股本工具指证明实体于扣除其所有负

债后于资产拥有剩余权益的任何合

约。由本公司发行之股本工具按已收

所得款项扣除直接发行成本确认。

按摊销成本计量的金融负债

金融负债（包括贸易及其他应付款

项、应付一间合营企业的款项及借

款）其后以实际利率法按摊销成本计

量。

取消确认金融负债

只有本集团的责任获解除、取消或届

满时，本集团方会取消确认金融负

债。取消确认的金融负债的账面值与

已付及应付代价之间的差额于损益中

确认。

3. BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Financial instruments (Continued)

Financial asets (Continued)

Derecognition of financial asets

The Group derecognises a financial aset only when the

contractual rights to the cash flows from the aset expire, or

when it transfers the financial aset and substantialy al the

risks and rewards of ownership of the aset to another entity.

On derecognition of a financial aset measured at amortised

cost, the diference betwen the aset’s carying amount

and the sum of the consideration received and receivable is

recognised in profit or los.

Financial liabilities and equity

Clasification as debt or equity

Debt and equity instruments are clasified as either financial

liabilities or as equity in acordance with the substance of the

contractual arangements and the definitions of a financial

liability and an equity instrument.

Equity instruments

An equity instrument is any contract that evidences a residual

interest in the asets of an entity after deducting al of its

liabilities. Equity instruments isued by the Company are

recognised at the proceds received, net of direct isue costs.

Financial liabilities at amortised cost

Financial liabilities (including trade and other payables,

amount due to a joint venture and borowings) are

subsequently measured at amortised cost, using the efective

interest method.

Derecognition of financial liabilities

The Group derecognises financial liabilities when, and only

when, the Group’s obligations are discharged, canceled or

have expired. The diference betwen the carying amount of

the financial liability derecognised and the consideration paid

and payable is recognised in profit or los.

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

AP Rentals Holdings Limited / Anual Report 2025

3. 综合财务报表的编制基准及重大会

计政策资料（续）

3.2 重大会计政策资料（续）

客户合约收益

有关本集团与客户合约的会计政策载

于附注5。

租赁

本集团作为承租人

短期租赁

对于租期自开始日期起计为12个月

或以内且并无包含购买选择权的租用

物业及设备租赁，本集团应用短期租

赁确认豁免。短期租赁的租赁付款按

直线基准或另一系统性基准于租期内

确认为开支。

使用权资产

使用权资产的成本包括：

；及

• 于开始日期或之前作出的任何

租赁付款。

使用权资产按成本减去任何累计折旧

及减值亏损计量，并就租赁负债的任

何重新计量作出调整。

使用权资产按直线基准于其估计使用

年期及租期（以较短者为准）内计提

折旧。

本集团于综合财务状况表内将使用权

资产呈列为单独项目。

租赁负债

于租赁开始日期，本集团按该日未付

的租赁付款现值确认及计量租赁负

债。于计算租赁付款现值时，本集团

使用租赁开始日期的增量借款利率计

算。

租赁付款包括固定付款（包括实质性

的固定付款）。

3. BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Revenue from contracts with customers

Information about the Group’s acounting policies relating to

contracts with customers is provided in note 5.

Leases

The Group as a lese

Short-term leases

The Group aplies the short-term lease recognition exemption

to leases of rented premises and equipment that have a lease

term of 12 months or les from the comencement date and

do not contain a purchase option. Lease payments on short-

term leases are recognised as expense on a straight-line basis

or another systematic basis over the lease term.

Right-of-use asets

The cost of right-of-use asets includes:

• the amount of the initial measurement of the lease

liability; and

• any lease payments made at or before the comencement

date.

Right-of-use asets are measured at cost, les any acumulated

depreciation and impairment loses, and adjusted for any

remeasurement of lease liabilities.

Right-of-use asets are depreciated on a straight-line basis

over the shorter of its estimated useful life and the lease term.

The Group presents right-of-use asets as a separate line item

on the consolidated statement of financial position.

Lease liabilities

At the comencement date of a lease, the Group recognises

and measures the lease liability at the present value of

lease payments that are unpaid at that date. In calculating

the present value of lease payments, the Group uses the

incremental borowing rate at the lease comencement date.

The lease payments include fixed payments (including in-

substance fixed payments).

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

亚积邦租赁控股有限公司 / 2025年报

3. 综合财务报表的编制基准及重大会

计政策资料（续）

3.2 重大会计政策资料（续）

租赁（续）

本集团作为承租人（续）

租赁负债（续）

于开始日期后，租赁负债根据利息增

长及租赁付款作出调整。

本集团于综合财务状况表内将租赁负

债呈列为单独项目。

本集团作为出租人

租赁分类及计量

本集团为出租人的租赁分类为融资

或经营租赁。倘租赁的条款将相关资

产所有权所产生绝大多数风险及回

报转让予承租人，则合约分类为融资

租赁。所有其他租赁均分类为经营租

赁。

来自经营租赁的租金收入按直线法于

相关租赁的租期内于损益确认。磋商

及安排经营租赁所产生的初始直接成

本计入租赁资产账面值，而有关成本

按直线法于租期内确认为开支。

来自本集团日常业务过程的租金收入

呈列为收益。

对合约部分配代价

当合约包含租赁及非租赁部分，本集

团应用香港财务报告准则第15号「客

户合约收益」，将合约代价分配至租

赁及非租赁部分。非租赁部分按其相

对单独售价基准与租赁部分开处

理。

3. BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Leases (Continued)

The Group as a lese (Continued)

Lease liabilities (Continued)

After the comencement date, lease liabilities are adjusted by

interest acretion and lease payments.

The Group presents lease liabilities as a separate line item on

the consolidated statement of financial position.

The Group as a lesor

Clasification and measurement of leases

Leases for which the Group is a lesor are clasified as finance

or operating leases. Whenever the terms of the lease transfer

substantialy al the risks and rewards incidental to ownership

of an underlying aset to the lese, the contract is clasified

as a finance lease. Al other leases are clasified as operating

leases.

Rental income from operating leases is recognised in profit

or los on a straight-line basis over the term of the relevant

lease. Initial direct costs incured in negotiating and aranging

an operating lease are aded to the carying amount of the

leased aset, and such costs are recognised as an expense on

a straight-line basis over the lease term.

Rental income which are derived from the Group’s ordinary

course of busines are presented as revenue.

Alocation of consideration to components of a contract

When a contract includes both leases and non-lease

components, the Group aplies HKFRS 15 Revenue from

Contracts with Customers to alocate consideration in a

contract to lease and non-lease components. Non-lease

components are separated from lease component on the

basis of their relative stand-alone seling prices.

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

AP Rentals Holdings Limited / Anual Report 2025

3. 综合财务报表的编制基准及重大会

计政策资料（续）

3.2 重大会计政策资料（续）

借款成本

所有借款成本于产生期间于损益中确

认，此乃由于本集团并无任何合资格

资产，即需要一段很长期间方可作其

拟定用途或作出售用途之资产。

政府补助

仅当合理保证本集团将遵守政府补助

的附带条件及将收取补助时，方会确

认政府补助。

政府补助乃于本集团将有关补助拟补

偿的相关成本确认为开支的期间按系

统性基准于损益中确认。尤其是，主

要条件为本集团应购买、兴建或以其

他方法收购非流动资产之政府补助，

于综合财务状况表确认为递延收入，

并在有关资产之可使用年期按有系统

及合理基准转拨至损益。

政府补助与就已产生开支或亏损的补

偿或向本集团提供的即时财务支持而

应收的收入有关，有关补助成为应收

款项的期间并无日后相关成本于损益

中确认。有关补偿开支的政府补助于

「其他收入」项下列示。

3. BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Borowing costs

Al borowing costs are recognised in profit or los in the

period, in which they are incured as the Group does not have

any qualifying aset, which is aset that necesarily take a

substantial period of time to get ready for its intended use or

sale.

Government grants

Government grants are not recognised until there is

reasonable asurance that the Group wil comply with the

conditions ataching to them and that the grants wil be

received.

Government grants are recognised in profit or los on

a systematic basis over the periods in which the Group

recognises as expenses the related costs for which the

grants are intended to compensate. Specificaly, government

grants whose primary condition is that the Group should

purchase, construct or otherwise acquire non-curent asets

are recognised as defered income in the consolidated

statement of financial position and transfered to profit or los

on a systematic and rational basis over the useful lives of the

related asets.

Government grants related to income that are receivable

as compensation for expenses or loses already incured

or for the purpose of giving imediate financial suport

to the Group with no future related costs are recognised in

profit or los in the period in which they become receivable.

Government grants relating to compensation of expenses are

presented under “other income”.

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

亚积邦租赁控股有限公司 / 2025年报

3. 综合财务报表的编制基准及重大会

计政策资料（续）

3.2 重大会计政策资料（续）

税项

所得税开支指即期与递延所得税开支

之总和。

即期应缴税项按本年度应课税溢利计

算。应课税溢利与「除税前溢利」不

同，乃由于其他年度应课税或可扣税

收入或开支以及从未课税或扣税项目

所致。本集团的即期税项负债按报告

期末已颁布或实质已颁布的税率计

算。

递延税项根据综合财务状况表中资产

及负债之账面值及其用于计量应课税

溢利之相应税基之间之暂时差额而确

认。递延税项负债通常会就所有应课

税暂时差额确认，而递延税项资产则

一般于可能出现应课税溢利以抵销可

扣税之暂时差额时就所有可扣税暂时

差额予以确认。如暂时差额源自初始

确认（业务合并除外）对应课税溢利

及会计溢利皆无影响交易中之资产及

负债且于交易时并无产生同等的应课

税及可扣税暂时差额，该等递延税项

资产及负债将不予确认。

递延税项资产之账面值于各报告期末

审阅，并调减至不再可能具备足够应

课税溢利以收回该项资产全部或任何

部分为止。

递延税项资产及负债乃根据于偿还负

债或变现资产期间预期适用之税率计

量，以报告期末已颁布或实质已颁布

之税率（及税务法例）为基础。

3. BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Taxation

Income tax expense represents the sum of curent and

defered income tax expense.

The tax curently payable is based on taxable profit for the

year. Taxable profit difers from “profit before tax” because

of income or expense that are taxable or deductible in other

years and items that are never taxable or deductible. The

Group’s liability for curent tax is calculated using tax rates that

have ben enacted or substantively enacted by the end of the

reporting period.

Defered tax is recognised on temporary diferences

betwen the carying amounts of asets and liabilities in

the consolidated statement of financial position and the

coresponding tax base used in the computation of taxable

profit. Defered tax liabilities are generaly recognised for al

taxable temporary diferences. Defered tax asets are generaly

recognised for al deductible temporary diferences to the

extent that it is probable that taxable profits wil be available

against which those deductible temporary diferences

can be utilised. Such defered tax asets and liabilities are

not recognised if the temporary diference arises from the

initial recognition (other than in a busines combination) of

asets and liabilities in a transaction that afects neither the

taxable profit nor the acounting profit and at the time of the

transaction does not give rise to equal taxable and deductible

temporary diferences.

The carying amount of defered tax asets is reviewed at the

end of each reporting period and reduced to the extent that

it is no longer probable that suficient taxable profits wil be

available to alow al or part of the aset to be recovered.

Defered tax asets and liabilities are measured at the tax rates

that are expected to aply in the period in which the liability is

setled or the aset is realised, based on tax rate (and tax laws)

that have ben enacted or substantively enacted by the end

of the reporting period.

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

AP Rentals Holdings Limited / Anual Report 2025

3. 综合财务报表的编制基准及重大会

计政策资料（续）

3.2 重大会计政策资料（续）

税项（续）

递延税项负债及资产之计量反映倘按

本集团预期于报告期末收回或结算其

资产及负债账面值计算的税项结果。

当有合法执行权利将即期税项资产及

即期税项负债抵销，以及其与同一课

税机关向同一课税实体征收的所得税

有关时，递延税项资产及负债可互相

抵销。

即期及递延税项于损益中确认。

外币

于编制各个别集团实体的财务报表

时，以实体之功能货币以外货币（外

币）进行的交易按交易日的现行汇率

确认。于报告期末，以外币列值的货

币项目以该日现行汇率重新换算。

因结算货币项目与重新换算货币项目

而产生之汇兑差额乃于其产生之期间

内于损益中确认。

为呈列综合财务报表，本集团海外经

营资产及负债按报告期末当前汇率换

算为本集团呈列货币，即港元。收入

及开支项目按年内平均汇率换算，惟

倘期内汇率大幅波动，则采用交易日

期的当前汇率。产生的汇兑差额（如

有）于其他全面收益中确认及于汇兑

储备的权益中累计。

3. BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Taxation (Continued)

The measurement of defered tax liabilities and asets reflects

the tax consequences that would folow from the maner in

which the Group expects, at the end of the reporting period,

to recover or setle the carying amount of its asets and

liabilities.

Defered tax asets and liabilities are ofset when there is a

legaly enforceable right to set of curent tax asets against

curent tax liabilities and when they relate to income taxes

levied to the same taxable entity by the same taxation

authority.

Curent and defered tax are recognised in profit or los.

Foreign curencies

In preparing the financial statements of each individual group

entity, transactions in curencies other than the functional

curency of that entity (foreign curencies) are recognised

at the rates of exchange prevailing on the dates of the

transactions. At the end of the reporting period, monetary

items denominated in foreign curencies are retranslated at

the rates prevailing at that date.

Exchange diferences arising on the setlement of monetary

items, and on the retranslation of monetary items, are

recognised in profit or los in the period in which they arise.

For the purpose of presenting the consolidated financial

statements, the asets and liabilities of the Group’s foreign

operations are translated into the presentation curency of

the Group (i.e. HK$) using exchange rates prevailing at the

end of the reporting period. Income and expenses items are

translated at the average exchange rates for the year, unles

exchange rates fluctuate significantly during the period, in

which case, the exchange rates prevailing at the dates of

transactions are used. Exchange diferences arising, if any, are

recognised in other comprehensive income and acumulated

in equity under the heading of translation reserve.

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

亚积邦租赁控股有限公司 / 2025年报

3. 综合财务报表的编制基准及重大会

计政策资料（续）

3.2 重大会计政策资料（续）

短期雇员福利

短期雇员福利于雇员提供服务时按预

期支付福利的未折现金额确认。所有

短期雇员福利均确认为开支。

雇员累计福利（如工资及薪金及年假）

于扣除任何已付金额后确认为负债。

退休福利成本

向界定供款退休福利计划（包括强制

性公积金计划（「强积金」计划）及国

家管理退休福利计划）所作供款于雇

员已提供服务而有权获得供款时，确

认为开支。

就长服金责任而言，本集团根据香港

会计准则第19.93(a)条将预期抵销的

雇主强积金供款视为雇员对长服金责

任的视同供款，并以净额计量。未来

福利的估计金额是在扣除因本集团强

积金供款所产生并已归属于雇员的累

计福利所引致的负服务成本后确定，

这些福利被视为相关雇员的供款。

3. BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Short-term employe benefits

Short-term employe benefits are recognised at the

undiscounted amount of the benefits expected to be paid as

and when employes rendered the services. Al short-term

employe benefits are recognised as an expense.

A liability is recognised for benefits acruing to employes

(such as wages and salaries and anual leave) after deducting

any amount already paid.

Retirement benefit costs

Payments to defined contribution retirement benefit plans,

including Mandatory Provident Fund Scheme (the “MPF”

Scheme) and state-managed retirement benefit schemes, are

recognised as an expense when employes have rendered

service entitling them to the contributions.

For LSP obligation, the Group acounts for the employer MPF

contributions expected to be ofset as a demed employe

contribution towards the LSP obligation in terms of HKAS

19.93(a) and it is measure on a net basis. The estimated

amount of future benefit is determined after deducting the

negative service cost arising from the acrued benefits derived

from the Group’s MPF contributions that have ben vested

with employes, which are demed to be contributions from

the relevant employes.

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

AP Rentals Holdings Limited / Anual Report 2025

4. 估计不确定性的主要来源

于应用本集团的会计政策（其于附注3内阐

述）时，本公司董事须作出有关难于从其他

来源获得的资产及负债账面值的判断、估

计及假设。该等估计及相关假设乃基于过

往经验及被认为有关的其他因素。实际结

果或有别于该等估计。

该等估计及相关假设乃按持续基准予以检

讨。倘会计估计的修订只影响即期，则有

关修订于估计修订即期确认。倘该项修订

影响即期及以后期间，则有关修订于修订

期间及以后期间确认。

以下为于报告期末，就未来及其他估计不

确定性的主要来源所作出的主要假设，该

等假设有足以导致下个财政年度的资产账

面值发生重大调整的重大风险。

贸易应收款项及应收租赁款项的减值

评估

信贷减值贸易应收款项及应收租赁款项进

行个别预期信贷亏损评估。此外，本集团

透过对具有类似风险的各个债务人进行分

组，厘定剩余贸易应收款项及应收租赁款

项的预期信贷亏损，当中经考虑应收租赁

款项及贸易应收款项的内部分组。估计亏

损乃按过往可观察违约率计算，并就毋须

付出不必要的费用或努力可得的合理且有

理据的前瞻性资料进行调整。在各报告日

期，过往可观察违约率将予重新评估，并

会考虑前瞻性资料的变动。

于2025年3月31日，贸易应收款项及应收

租赁款项的账面值分别为639,000港元（2024

年：2,319,000港元）及38,075,000港元（2024

年：36,067,000港元），已扣除信贷亏损拨

备分别为487,000港元（2024年：286,000港

元）及17,682,000港元（2024年：15,036,000

港元）。预期信贷亏损拨备易受估计变动的

影响。有关预期信贷亏损以及本集团贸易

应收款项及应收租赁款项的资料于附注31

披露。

4. KEY SOURCES OF ESTIMATION UNCERTAINTY

In the aplication of the Group’s acounting policies, which are

described in note 3, the directors of the Company are required to

make judgements, estimates and asumptions about the carying

amounts of asets and liabilities that are not readily aparent from

other sources. The estimates and underlying asumptions are based

on historical experience and other factors that are considered to be

relevant. Actual results may difer from these estimates.

The estimates and underlying asumptions are reviewed on an

ongoing basis. Revisions to acounting estimates are recognised in

the period in which the estimate is revised if the revision afects only

that period, or in the period of the revision and future periods if the

revision afects both curent and future periods.

The folowing are the key asumptions concerning the future

and other key sources of estimation uncertainty at the end of the

reporting period, that have a significant risk of causing a material

adjustment to the carying amounts of the asets within the next

financial year.

Impairment asesment of trade receivables and lease

receivables

Credit-impaired trade receivables and lease receivables are asesed

for ECL individualy. In adition, the Group determines the ECL for

the remaining trade receivables and lease receivables by grouping

of various debtors that have similar risk exposure, after considering

internal grouping of lease receivables and trade receivables.

Estimated loses are based on historical observed default rates and

are adjusted for forward-loking information that is reasonable and

suportable and available without undue costs or efort. At every

reporting date, the historical observed default rates are reasesed

and changes in the forward-loking information are considered.

At 31 March 2025, the carying amount of trade receivables and lease

receivables are HK$639,000 (2024: HK$2,319,000) and HK$38,075,000

(2024: HK$36,067,000), net of alowance for credit los of HK$487,000

(2024: HK$286,000) and HK$17,682,000 (2024: HK$15,036,000)

respectively. The provision of ECL is sensitive to changes in estimates.

The information about the ECL and the Group’s trade receivables

and lease receivables are disclosed in note 31.

For the year ended 31 March 2025
截至2025年3月31日止年度
Sales of machinery and parts	Lease related operating services	Repair and maintenance service	Delivery service	Installation service	Total
机械及零件销售	与租赁有关的操作服务	维修及保养服务	派送服务	安装服务	总计
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元	千港元	千港元
7,850	18,383	3,611	5,540	361	35,745
45	44	21	311	17	438
1	3,833	–	–	2	3,836
7,896	22,260	3,632	5,851	380	40,019
7,896	–	–	5,851	–	13,747
–	22,260	3,632	–	380	26,272
7,896	22,260	3,632	5,851	380	40,019

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

亚积邦租赁控股有限公司 / 2025年报

5. 收益及分部资料

(a) 收益

(i) 客户合约收益的分类

5. REVENUE AND SEGMENT INFORMATION

(a) Revenue

(i) Disagregation of revenue from contracts with

customers

Geographical markets地理市场

Hong Kong香港

Macau澳门

Singapore新加坡

Total总计

Timing of revenue

recognition

收益确认时间

A point in time某一时间点

Over time随时间

Total总计

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

AP Rentals Holdings Limited / Anual Report 2025

（续）

(a) 收益（续）

(i) 客户合约收益的分类（续）

5. REVENUE AND SEGMENT INFORMATION (Continued)

(a) Revenue (Continued)

(i) Disagregation of revenue from contracts with

customers (Continued)

For the year ended 31 March 2024

截至2024年3月31日止年度

Sales of

machinery

and parts

Lease

operating

services

Repair and

maintenance

service

Delivery

service

Instalation

serviceTotal

机械及

零件销售

与租赁有关

的操作服务

维修及

保养服务派送服务安装服务总计

HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元千港元

Geographical markets地理市场

Hong Kong香港24,38317,2455,7305,5711,12654,055

Macau澳门3371017985467

Singapore新加坡1404,888–5,028

Total总计24,86022,1435,7475,6691,13159,550

Timing of revenue

recognition

收益确认时间

A point in time某一时间点24,860–5,669–30,529

Over time随时间–22,1435,747–1,13129,021

Total总计24,86022,1435,7475,6691,13159,550

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

亚积邦租赁控股有限公司 / 2025年报

（续）

(a) 收益（续）

(i) 客户合约的履约责任

机械及零件销售

机械及零件销售的收益来自客

户合约，并于客户取得货品的

控制权时于某一时间点确认。

收益于货品的控制权已转让，

即当货品已获客户接纳时确

认。客户可全权酌情决定使用

货品的方式，并于销售货品时

承担主要责任及货品报废及损

失的风险。一般信贷期为发出

发票后的0至90日。

本集团一般会于签订买卖协议

时向客户收取合约价值的10%

至40%作为订金。订金将会于

客户取得机械的控制权时确认

为收益。

所有机械及零件销售均于一年

内完成。在香港财务报告准则

第15号所允许下，并无披露分

配至该等未完成合约的交易价

格。

与租赁有关的操作服务收入

本集团在香港及其他地理市场

提供设备操作服务，派遣设备

操作员到客户工地操作设备。

由于客户于本集团履约的同时

收取及消耗本集团履约提供的

利益，该等服务确认为随时间

完成的履约责任。本集团已应

用香港财务报告准则第15号下

实务权宜方法，根据相关协议

的条款，本集团有权按设备操

作员的收费时间开具发票的金

额确认收益。一般信贷期为发

出发票后的0至45日。发票于

服务完成后开具。

5. REVENUE AND SEGMENT INFORMATION (Continued)

(a) Revenue (Continued)

(i) Performance obligations for contracts with

customers

Sales of machinery and parts

Revenue from sales of machinery and parts is from

contracts with customers and recognised at a point in

time when the customer obtains control of the gods.

Revenue is recognised when control of the gods has

transfered, being when the gods have ben acepted

by the customer. The customer has ful discretion

over the usage of the gods, and has the primary

responsibility when on seling the gods and bears the

risks of obsolescence and los in relation to the gods.

The normal credit term is 0 to 90 days upon invoice

isued.

The Group normaly receives 10% to 40% of the contract

value as deposits from customers when it signs the

sale and purchase agrement. The deposits wil be

recognised as revenue when the customer obtains

control of the machinery.

Al the sales of machinery and parts are completed

within one year. As permited under HKFRS 15, the

transaction price alocated to these unsatisfied contracts

is not disclosed.

Lease related operating services income

The Group ofers equipment operating services in

Hong Kong and other geographical markets by sending

equipment operators to operate the equipment at the

job sites of its customers. Such services are recognised

as a performance obligation satisfied over time as

the customer simultaneously receives and consumes

the benefits provided by the Group’s performance as

the Group performs. The Group aplied the practical

expedient in HKFRS 15 to recognise revenue in the

amount that the Group has the right to invoice based

on the terms of the relevant agrements in which

the Group bils based on the time charged by the

equipment operators. The normal credit term is 0 to 45

days upon invoice isued. The invoice is isued upon the

completion of service.

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

AP Rentals Holdings Limited / Anual Report 2025

（续）

(a) 收益（续）

(i) 客户合约的履约责任（续）

与租赁有关的操作服务收入

（续）

与租赁有关的操作服务的合约

期为一年或以下。在香港财务

报告准则第15号所允许下，并

无披露分配至该等未完成合约

的交易价格。

与租赁有关的其他服务收入

本集团的其他服务收入来自出

租安排，包括维修、保养、派

送及安装服务。来自派送服务

之收益乃于货品派送至客户指

定的地点时确认。来自维修、

保养及安装服务的收益随时间

确认，原因是客户于本集团履

约的同时收取及消耗本集团履

约提供的利益。本集团已应用

香港财务报告准则第15号下实

务权宜方法，根据相关协议的

条款，本集团有权按收费时间

开具发票的金额确认收益。一

般信贷期为发出发票后的0至

45日。发票于服务完成后开具。

与租赁有关的其他服务的合约

期为一年或以下。在香港财务

报告准则第15号所允许下，并

无披露分配至该等未完成合约

的交易价格。

5. REVENUE AND SEGMENT INFORMATION (Continued)

(a) Revenue (Continued)

(i) Performance obligations for contracts with

customers (Continued)

Lease related operating services income (Continued)

The contract periods for lease related operating service

are one year or les. As permited under HKFRS 15, the

transaction price alocated to these unsatisfied contracts

is not disclosed.

Lease related other services income

The Group’s other services income, which arise from

rental arangements including repair, maintenance,

delivery and instalation services. Revenue from

delivery service is recognised when the gods have

ben delivered to the customer’s specific location.

Revenue from repair, maintenance and instalation

services are recognised over time because the customer

simultaneously receives and consumes the benefits

provided by the Group’s performance as the Group

performs. The Group aplied the practical expedient in

HKFRS 15 to recognise revenue in the amount that the

Group has the right to invoice based on the terms of

the relevant agrements in which the Group bils based

on the time charged. The normal credit term is 0 to 45

days upon invoice isued. The invoice is isued upon the

completion of service.

The contract periods for lease related other services

are one year or les. As permited under HKFRS 15, the

transaction price alocated to these unsatisfied contracts

is not disclosed.

2025
2025年
HK$’000
千港元
120,205

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

亚积邦租赁控股有限公司 / 2025年报

（续）

(a) 收益（续）

(i) 租赁

截至2025年及2024年3月31日

止年度，并无确认或然租金。

(b) 分部资料

为管理目的，本集团按其业务活动组

织。本集团按此等业务活动厘定其经

营分部，由首席营运决策者（即本公

司执行董事）定期审阅，以分配资源

及评估表现。

具体而言，本集团根据香港财务报告

准则第8号「经营分部」的可呈报及

经营分部如下：

租赁—租赁设备、与租赁有关的

操作服务及其他服务，包

括维修及保养服务、派送

服务及安装服务

买卖—机械及零件销售

5. REVENUE AND SEGMENT INFORMATION (Continued)

(a) Revenue (Continued)

(i) Leases

2024年

HK$’000

千港元

For operating leases:就经营租赁而言：

Lease payments that are fixed固定租赁付款114,520

For the years ended 31 March 2025 and 2024, there is

no contingent rental recognised.

(b) Segment information

For management purpose, the Group is organised based on

its busines activities. The Group determines its operating

segments based on these busines activities that are regularly

reviewed by the chief operating decision maker, i.e. the

executive directors of the Company, for the purpose of

resources alocation and performance asesment.

Specificaly, the Group’s reportable and operating segments

under HKFRS 8 Operating Segments are as folows:

Leasing—Leasing of equipment, lease related operating

services and other services including repair

and maintenance service, delivery service and

instalation service

Trading—Sales of machinery and parts

Leasing	Trading	Total
租赁	买卖	总计
HK$’000	HK$’000	HK$’000
千港元	千港元	千港元
120,205	–	120,205
22,260	–	22,260
3,632	–	3,632
5,851	–	5,851
380	–	380
–	7,896	7,896
152,328	7,896	160,224
43,393	344	43,737
		2,799
		(32,944)
		714
		47
		14,353

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

AP Rentals Holdings Limited / Anual Report 2025

（续）

(b) 分部资料（续）

有关此等可呈报及经营分部的分部资

料于下文呈列：

分部收益及业绩

截至2025年3月31日止年度

5. REVENUE AND SEGMENT INFORMATION (Continued)

(b) Segment information (Continued)

Segment information about these reportable and operating

segments is presented below:

Segment revenue and results

For the year ended 31 March 2025

Revenue收益

Leasing of equipment租赁设备

Lease related operating services与租赁有关的操作服务

Repair and maintenance service维修及保养服务

Delivery service派送服务

Instalation service安装服务

Sales of machinery and parts机械及零件销售

Segment revenue分部收益

Results业绩

Segment results分部业绩

Unalocated income未分配收入

Unalocated expenses未分配开支

Unalocated exchange gains未分配汇兑收益

Share of result of a joint venture分占一间合营企业的业绩

Consolidated profit before tax

of the Group

本集团的综合除税前溢利

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

亚积邦租赁控股有限公司 / 2025年报

（续）

(b) 分部资料（续）

分部收益及业绩（续）

截至2024年3月31日止年度

可呈报及经营分部的会计政策与附注

3所述的本集团会计政策相同。分部

业绩指各个分部所赚取的溢利，而未

分配利息收入及若干杂项收入、汇兑

收益（亏损）、中央行政开支及分占一

间合营企业的业绩。此乃向首席营运

决策者汇报以用作资源分配及评估表

现而采取的衡量指标。

首席营运决策者根据各个分部的经营

业绩作出决定。并无呈列分部资产及

负债的分析，原因为该等资料并无定

期向首席营运决策者汇报以用作资源

分配及评估表现。

5. REVENUE AND SEGMENT INFORMATION (Continued)

(b) Segment information (Continued)

Segment revenue and results (Continued)

For the year ended 31 March 2024

LeasingTradingTotal

租赁买卖总计

HK$’000HK$’000HK$’000

千港元千港元千港元

Revenue收益

Leasing of equipment租赁设备114,520–114,520

Lease related operating services与租赁有关的操作服务22,143–22,143

Repair and maintenance service维修及保养服务 5,747–5,747

Delivery service派送服务 5,669–5,669

Instalation service安装服务 1,131–1,131

Sales of machinery and parts机械及零件销售 –24,86024,860

Segment revenue分部收益149,21024,860174,070

Results业绩

Segment results分部业绩38,8206,29345,113

Unalocated income未分配收入2,865

Unalocated expenses未分配开支(31,277)

Unalocated exchange loses未分配汇兑亏损(315)

Share of result of a joint venture分占一间合营企业的业绩(2,920)

Consolidated profit before tax

of the Group

本集团的综合除税前溢利

13,466

The acounting policies of the reportable and operating

segments are the same as the Group’s acounting policies

described in note 3. Segment results represent the profit

earned by each segment without alocation of interest

income and certain sundry income, exchange gains (loses),

central administration expenses and share of result of a joint

venture. This is the measure reported to the chief operating

decision maker for the purposes of resource alocation and

performance asesment.

The chief operating decision maker makes decisions acording

to operating results of each segment. No analysis of segment

asets and liabilities are presented as the information is not

regularly reported to the chief operating decision maker

for the purpose of resource alocation and asesment of

performance.

Leasing	Trading	Unallocated	Total
租赁	买卖	未分配	总计
HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元
267	–	–	267
2,645	202	–	2,847
–	3,632	–	3,632
42,952	11	845	43,808
3,492	73	138	3,703
9,561	–	–	9,561

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

AP Rentals Holdings Limited / Anual Report 2025

（续）

(b) 分部资料（续）

其他分部资料

截至2025年3月31日止年度

截至2024年3月31日止年度

5. REVENUE AND SEGMENT INFORMATION (Continued)

(b) Segment information (Continued)

Other segment information

For the year ended 31 March 2025

Reversal of impairment loses

recognised on property, plant

and equipment, net

已确认物业、机械及

设备减值亏损拨回净额

Impairment loses recognised

on lease receivables and

trade receivables, net

已确认应收租赁款项及

贸易应收款项减值亏损

净额

Write-down on inventories撇减存货

Depreciation of property, plant and

equipment

物业、机械及设备折旧

Depreciation of right-of-use asets使用权资产折旧

Gain on disposal of property,

plant and equipment

出售物业、机械及设备收益

For the year ended 31 March 2024

LeasingTradingUnalocatedTotal

租赁买卖未分配总计

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Impairment loses recognised on

property, plant and equipment, net

已确认物业、机械及

设备减值亏损净额54–54

Reversal of impairment loses

recognised on lease receivables

and trade receivables, net

已确认应收租赁款项及

贸易应收款项减值亏损

拨回净额1,508169–1,677

Write-down on inventories撇减存货–437–437

Depreciation of property, plant and

equipment

物业、机械及设备折旧

44,2131998845,220

Depreciation of right-of-use asets使用权资产折旧3,413–1133,526

Gain on disposal of property,

plant and equipment

出售物业、机械及设备收益

2,512–2,512

2025
2025年
HK$’000
千港元
144,122
4,789
7
11,306
160,224

2025
2025年
HK$’000
千港元
155,945
1,086
115
5,617
162,763

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

亚积邦租赁控股有限公司 / 2025年报

（续）

(b) 分部资料（续）

地区资料

本集团来自外部客户的收益主要衍

生自香港、澳门、中国及新加坡的客

户，收益按客户所在地点厘定。

本集团的非流动资产（按拥有此等资

产的集团公司所在地理位置划分）载

列如下：

附注：非流动资产不包括租金按金及寿险

保单存款。

5. REVENUE AND SEGMENT INFORMATION (Continued)

(b) Segment information (Continued)

Geographical information

The Group’s revenue from external customers is mainly

derived from customers located in Hong Kong, Macau,

the PRC and Singapore, which is determined based on the

location of customers.

2024年

HK$’000

千港元

External revenue:外部收益：

Hong Kong香港157,549

Macau澳门3,891

PRC中国158

Singapore新加坡12,472

174,070

The Group’s non-curent asets based on the geographical

location of the group companies owning these asets are as

folows:

2024年

HK$’000

千港元

Non-curent asets:非流动资产：

Hong Kong香港156,680

Macau澳门1,955

PRC中国5,077

Singapore新加坡6,718

170,430

Note: Non-curent asets excluded rental deposits and deposit

placed for a life insurance policy.

2025
2025年
HK$’000
千港元
25,570

2025
2025年
HK$’000
千港元
2,768
102
147
360
3,377

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

AP Rentals Holdings Limited / Anual Report 2025

（续）

(b) 分部资料（续）

有关主要客户的资料

本年度占本集团总收益逾10%的客户

收益载列如下：

* 于租赁及买卖分部的收益

6. 其他收入

5. REVENUE AND SEGMENT INFORMATION (Continued)

(b) Segment information (Continued)

Information about major customers

Revenue from customer during the year contributing over

10% of the total revenue of the Group is as folows:

2024年

HK$’000

千港元

Customer A客户A22,481

* Revenue from leasing and trading segments

6. OTHER INCOME

2024年

HK$’000

千港元

Interest income from:利息收入来自：

— bank deposits— 银行存款2,553

— deposit placed for a life insurance policy— 寿险保单存款98

Subsidies related to acquisition of asets

(note i)

与收购资产有关的补贴（附注i）

Sundry income杂项收入451

3,232

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

亚积邦租赁控股有限公司 / 2025年报

（续）

附注：

(i) 于过往年度，本集团就购置安装在新汽车

上的起重机向香港建造业创科基金收取

640,000港元的补贴。该金额已被视为递延

收入。该金额已于相关资产的可使用年期

内摊销并转拨至收入。

递延收入变动如下：

6. OTHER INCOME (Continued)

Note:

(i) In prior years, the Group has received subsidies of HK$640,000 from

the Construction Inovation and Technology Fund in Hong Kong for

acquisition of a crane mounted on a new motor vehicle. The amount

has ben treated as defered income. The amount is amortised and

transfered to income over the useful lives of the relevant aset.

Movement of defered income is as folows:

Defered income

递延收入

HK$’000

千港元

At 1 April 2023于2023年4月1日559

Amortisation in the curent year于本年度摊销(130)

At 31 March 2024于2024年3月31日429

Amortisation in the curent year于本年度摊销(147)

At 31 March 2025于2025年3月31日282

2025
2025年
HK$’000
千港元
714
9,561
10,275

2025
2025年
HK$’000
千港元
1,739
148
1,887

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

AP Rentals Holdings Limited / Anual Report 2025

7. 其他收益及亏损

8. 融资成本

7. OTHER GAINS AND LOSES

2024年

HK$’000

千港元

Exchange gains (loses), net汇兑收益（亏损）净额(315)

Gain on disposal of property, plant and

equipment

出售物业、机械及设备收益

2,512

2,197

8. FINANCE COSTS

2024年

HK$’000

千港元

Interest on borowings借款利息1,460

Interest on lease liabilities租赁负债利息196

1,656

2025
2025年
HK$’000
千港元
4,468
(172)
(2,100)
2,196

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

亚积邦租赁控股有限公司 / 2025年报

9. 所得税开支

根据利得税两级制，合资格集团实体的首

2百万港元溢利将按8.25%征税，而超过2

百万港元的溢利则将按16.5%征税。不符合

利得税两级制的集团实体的溢利将继续按

16.5%的统一税率征税。

就于澳门注册的附属公司而言，该两个年

度的澳门所得补充税按扣除已派发股息后

超过600,000澳门元的估计应课税溢利的

12%（2024年：12%）计算。由于本集团于该

两个年度并无应课税溢利，故未有计提澳

门所得补充税拨备。

就于中国注册的附属公司而言，根据中国

企业所得税法（「企业所得税法」）及企业所

得税法实施条例，中国附属公司的税率为

25%（2024年：25%）。由于本集团于该两个

年度均无应课税溢利，故未有计提企业所

得税拨备。

于新加坡注册的附属公司须按17%（2024年：

17%）的税率缴纳新加坡所得税。由于在截

至2024年3月31日止年度无应课税溢利，

故未有计提新加坡所得税拨备。由于截至

2025年3月31日止年度应课税溢利被结转

的税务亏损所吸收，故未有计提新加坡所

得税拨备。

9. INCOME TAX EXPENSE

2024年

HK$’000

千港元

Curent tax:即期税项：

Hong Kong Profits Tax香港利得税5,319

Overprovision in prior years:过往年度超额拨备：

Hong Kong Profits Tax香港利得税(188)

Defered tax (note 24)递延税项（附注24）(2,029)

3,102

Under the two-tiered profits tax rates regime, the first HK$2 milion

of profits of the qualifying group entity wil be taxed at 8.25%, and

profits above HK$2 milion wil be taxed at 16.5%. The profits of

group entities not qualifying for the two-tiered profits tax rates

regime wil continue to be taxed at a flat rate of 16.5%.

For the subsidiary registered in Macau, Macau Complementary

Income Tax is calculated at 12% (2024: 12%) of the estimated

asesable profit exceding MOP600,000 after the deduction of

dividend paid for both years. No provision for Macau Complementary

Income Tax had ben made as it had no asesable profits for both

years.

For subsidiary registered in the PRC, under the Law of the PRC

on Enterprise Income Tax (the “EIT Law”) and Implementation

Regulation of the EIT Law, the tax rate of the PRC subsidiary is

25% (2024: 25%). No provision for EIT had ben made as it had no

asesable profits for both years.

For the subsidiary registered in Singapore which is subject to

Singapore income tax at 17% (2024: 17%). No provision for Singapore

income tax had ben made as it had no asesable profits for the

year ended 31 March 2024. No provision for Singapore income tax

was made for the year ended 31 March 2025 as the asesable profits

were absorbed by the tax loses brought forward.

2025
2025年
HK$’000
千港元
14,353
2,368
760
(464)
(8)
311
(380)
(54)
(172)
(165)
2,196

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

AP Rentals Holdings Limited / Anual Report 2025

（续）

本年度所得税开支与综合损益及其他全面

收益表所载除税前溢利对账如下：

9. INCOME TAX EXPENSE (Continued)

The income tax expense for the year can be reconciled from the

profit before tax per the consolidated statement of profit or los and

other comprehensive income as folows:

2024年

HK$’000

千港元

Profit before tax除税前溢利13,466

Tax at aplicable tax rate of 16.5%按适用税率16.5%计算的税项2,222

Tax efect of expenses not deductible for

tax purpose

不可扣税开支的税务影响

1,031

Tax efect of income not taxable for

tax purpose

毋须课税收入的税务影响

(468)

Tax efect of share of result of

a joint venture

分占一间合营企业的业绩的

税务影响482

Tax efect of tax loses not recognised未确认税务亏损的税务影响575

Utilisation of tax los previously

not recognised

使用先前未确认的税务亏损

(274)

Efect of diferent tax rate of subsidiaries

operating in other jurisdictions

于其他司法管辖区经营的

附属公司的税率差异的影响(113)

Overprovision in prior years过往年度超额拨备(188)

Income tax at concesionary rate按优惠税率计算的所得税(165)

Income tax expense for the year本年度所得税开支3,102

2025
2025年
HK$’000
千港元
1,874
7,320
43,808
3,703
9,399
51,757
1,676
53,433
62,832

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

亚积邦租赁控股有限公司 / 2025年报

10. 本年度溢利10. PROFIT FOR THE YEAR

2024年

HK$’000

千港元

Profit for the year has ben arived at after

charging:

扣除下列项目后的本年度溢利：

Auditor’s remuneration核数师酬金1,800

Cost of inventories recognised as expenses,

including write-down of inventories of

HK$3,632,000 (2024: HK$437,000)

确认作开支的存货成本

（包括撇减存货3,632,000港元

（2024年：437,000港元）12,406

Depreciation of property, plant and

equipment

物业、机械及设备折旧

45,220

Depreciation of right-of-use asets使用权资产折旧3,526

Staf costs:员工成本：

Directors’ emoluments (note 11)董事酬金（附注11）7,485

Other staf costs:其他员工成本：

— Salaries, alowances and other benefits— 薪金、津贴及其他福利51,940

— Retirement benefits scheme

contributions (note)

— 退休福利计划供款（附注）

1,802

53,742

Total staf costs总员工成本61,227

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

AP Rentals Holdings Limited / Anual Report 2025

（续）

附注：本集团已为香港雇员设立强积金计划。计

划的资产以独立信托人监管的基金形式分

开持有。于损益确认的退休福利计划供款

为本集团按各雇员以30,000港元（2024年：

30,000港元）为上限的有关月薪5%的已付

或应付计划的供款。

本公司于澳门、中国及新加坡的附属公司

的合资格雇员为各当地政府管理的退休金

计划成员。澳门的附属公司须每月就每名

雇员供款60澳门元。中国的附属公司须

向退休金计划作出该等雇员相关薪金成本

介乎0.2%至14%的某个百分比的供款，以

为该两个年度的福利提供资金。新加坡的

附属公司须就雇员月薪总金额作出16%供

款。本集团有关退休福利计划的唯一责任

为根据计划作出所须供款。

于年内损益扣除之成本总额为1,730,000港

元（2024年：1,838,000港元），包括分别

为54,000港元及1,676,000港元（2024年：

36,000港元及1,802,000港元）的董事酬金及

其他员工成本，为本集团就本年度向计划

作出的已付或应付供款。于报告期末，并

无没收的供款可供减低未来责任。

10. PROFIT FOR THE YEAR (Continued)

Note: The Group has established the MPF Scheme for its Hong Kong

employes. The asets of the scheme are held separately in funds

which are under the control of independent trustes. The retirement

benefit scheme contributions recognised in profit or los represent

contributions paid or payable by the Group to the scheme at 5%

of each of the employes’ monthly relevant income caped at

HK$30,000 (2024: HK$30,000) per month.

The eligible employes of the Company’s subsidiaries in the

Macau, the PRC and Singapore are members of pension schemes

operated respective local governments. The subsidiary in Macau is

required to contribute MOP60 for every employe per month. The

subsidiary in the PRC is required to contribute a certain percentage

ranging from 0.2% to 14% of the relevant cost of the payrol of these

employes to the pension schemes to fund the benefits for both

years. The subsidiary in Singapore is required to contribute 16%

of the employe’s monthly gros salary. The only obligation of the

Group with respect to the retirement benefit schemes is to make the

required contribution under the schemes.

The total costs charged to profit or los for the year of HK$1,730,000

(2024: HK$1,838,000), comprised HK$54,000 and HK$1,676,000 (2024:

HK$36,000 and HK$1,802,000) in directors’ emoluments and other staf

costs respectively, and represented contributions paid or payable to

the schemes by the Group in respect of the curent year. At the end of

the reporting period, there were no forfeited contributions available

to reduce future obligations.

Other emoluments
其他酬金
Fees	Basic salaries, allowances and other benefits	Retirement benefits scheme contributions	Total
袍金	基本薪金、津贴及其他福利	退休福利计划供款	总计
HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元
–	3,176	18	3,194
–	3,122	18	3,140
–	1,855	18	1,873
–	–	–	–
265	–	–	265
662	–	–	662
157	–	–	157
108	–	–	108
1,192	8,153	54	9,399

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

亚积邦租赁控股有限公司 / 2025年报

、最高行政人员及雇员酬金

已付或应付本公司董事的酬金详情如下：

11. DIRECTORS’, CHIEF EXECUTIVE’S AND

EMPLOYES’ EMOLUMENTS

Details of the emoluments paid or payable to the directors of the

Company are as folows:

For the year ended 31 March 2025截至2025年3月31日止年度

Executive directors:执行董事：

Lau Pong Sing刘邦成

Chan Kit Mui, Lina陈洁梅

Lau Tsz Fung (apointed on

1 April 2024)

刘子锋（于2024年4月1日

获委任）

Non-executive director:非执行董事：

Nakazawa Tomokatsu中泽友克

Independent non-executive directors:独立非执行董事：

Siu Chak Yu萧泽宇

Ho Chung Tai, Raymond何钟泰

Lam Sau Fung (apointed on

28 August 2024)

林秀凤（于2024年8月28日

获委任）

Li Ping Chi (retired on 28 August 2024)李炳志（于2024年8月28日

退任）

For the year ended 31 March 2024截至2024年3月31日止年度

Executive directors:执行董事：

Lau Pong Sing刘邦成–3,155183,173

Chan Kit Mui, Lina陈洁梅–3,102183,120

Non-executive director:非执行董事：

Nakazawa Tomokatsu中泽友克–

Independent non-executive directors:独立非执行董事：

Li Ping Chi李炳志265–265

Siu Chak Yu萧泽宇265–265

Ho Chung Tai, Raymond何钟泰662–662

1,1926,257367,485

2025
2025年
HK$’000
千港元
2,011
253
36
2,300

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

AP Rentals Holdings Limited / Anual Report 2025

、最高行政人员及雇员酬金

（续）

刘邦成先生亦为本公司最高行政人员，上

文所披露其酬金包括其作为最高行政人员

提供服务的酬金。

上述执行董事酬金主要与其就管理本公司

及本集团事务提供服务有关。上述独立非

执行董事酬金主要与其就担任本公司董事

提供服务有关。该两个年度概无向非执行

董事支付酬金。非执行董事放弃截至2025

年及2024年3月31日止年度的酬金。本公

司董事或最高行政人员于该两个年度内并

无放弃或同意放弃任何薪酬的其他安排。

本集团一直免费提供向第三方租用的住宿，

以供刘子锋先生（2024年：陈洁梅女士）

及其家族成员使用。相关短期租赁开支为

240,000港元（2024年：160,000港元）。

本年度，本集团五名最高薪人士中三名

（2024年：两名）为本公司董事，其酬金已

计入上文内。余下两名（2024年：三名）人

士的酬金如下：

11. DIRECTORS’, CHIEF EXECUTIVE’S AND

EMPLOYES’ EMOLUMENTS (Continued)

Mr. Lau Pong Sing is also the Chief Executive of the Company and his

emoluments disclosed above include those for services rendered by

him as the Chief Executive.

The executive directors’ emoluments shown above were mainly

for their services in conection with the management of the afairs

of the Company and the Group. The independent non-executive

directors’ emoluments shown above were mainly for their services

as directors of the Company. No emoluments were paid to the

non-executive directors for both years. The non-executive director

waived his emoluments in the years ended 31 March 2025 and

2024. There was no other arangement under which a director or

the Chief Executive of the Company waived or agred to waive any

remuneration for both years.

The Group has ben providing acomodation, which is leased

from a third party to Mr. Lau Tsz Fung (2024: Ms. Chan Kit Mui, Lina)

for use by his/her and his/her family members at no charge. The

relevant short term lease expense is HK$240,000 (2024: HK$160,000).

Of the five individuals with the highest emoluments in the Group for

the year, thre (2024: two) of them were directors of the Company,

whose emoluments are included in above. The emoluments of the

remaining two (2024: thre) individuals were as folows:

2024年

HK$’000

千港元

Basic salaries and alowance

and other benefits

基本薪金及津贴及其他福利

3,290

Discretionary bonus酌情花红504

Retirement benefits scheme contributions退休福利计划供款54

3,848

2025
2025年
Number of individuals
人数
1
1

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

亚积邦租赁控股有限公司 / 2025年报

、最高行政人员及雇员酬金

（续）

酬金介乎下列范围的非本公司董事最高薪

雇员数目如下：

本集团于两个年度并无向本公司董事或五

名最高薪人士（包括董事及雇员）支付酬金

作为加盟本集团或加盟时的奖励或离职补

偿。

12. 股息

就截至2025年3月31日止年度已确认为

本公司分派的股息相当于截至2024年3月

31日止年度每股份0.60港仙、总额为

5,184,000港元的末期股息（2024年：5,616,000

港元），以及截至2024年9月30日止报告期

间每股份0.16港仙、总额为1,382,000港

元的中期股息（2024年：无）。

于报告期后，本公司董事已建议就截至

2025年3月31日止年度派付末期股息每股

普通股0.70港仙，总额为6,048,000港元。派

发末期股息须待股东于应届股东周年大会

上批准（2024年：每股普通股0.60港仙，总

额为5,184,000港元）。

11. DIRECTORS’, CHIEF EXECUTIVE’S AND

EMPLOYES’ EMOLUMENTS (Continued)

The number of the highest paid employes who are not directors of

the Company whose remuneration within the folowing band is as

folows:

2024年

Number of

individuals

人数

Nil to HK$1,000,000零至1,000,000港元 1

HK$1,000,001 to HK$1,500,0001,000,001港元至1,500,000港元2

No emoluments were paid by the Group to the directors of the

Company or the five highest paid individuals (including directors

and employes) as an inducement to join or upon joining the Group

or as compensation for los of ofice during both years.

12. DIVIDEND

Dividend recognised as distribution of the Company during the year

ended 31 March 2025 represented final dividend for the year ended

31 March 2024 of HK0.60 cent per share, totaly HK$5,184,000 (2024:

HK$5,616,000) and interim dividend for the reporting period ended

30 September 2024 of HK0.16 cent per share, totaly HK$1,382,000

(2024: Nil) in agregate.

Subsequent to the reporting period, a final dividend in respect of

the year ended 31 March 2025 of HK0.70 cent per ordinary share,

in an agregate amount of HK$6,048,000, has ben proposed

by the directors of the Company and is subject to aproval by

the shareholders in the forthcoming anual general meting

(2024: HK0.60 cent per ordinary share, in an agregate amount of

HK$5,184,000).

2025
2025年
HK$’000
千港元
12,157

’000
千股
864,000

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

AP Rentals Holdings Limited / Anual Report 2025

13. 每股盈利

本公司拥有人应占每股基本盈利乃基于下

列数据计算：

附注：两个年度每股基本盈利乃按本公司拥有人

应占溢利及年内已发行股份数目计算。

由于并无潜在已发行普通股，故概无呈列

该两个年度的每股摊薄盈利。

13. EARNINGS PER SHARE

The calculation of the basic earnings per share atributable to owners

of the Company is based on the folowing data:

2024年

HK$’000

千港元

Profit for the year atributable to owners

of the Company for the purpose of basic

earnings per share

用于计算每股基本盈利的本公司

拥有人应占本年度溢利

10,364

’000

千股

Number of shares股份数目

Number of ordinary shares for the purpose

of basic earnings per share

用于计算每股基本盈利的

普通股数864,000

Note: The calculations of the basic earnings per share for both years are

based on the profit atributable to owners of the Company using the

number of shares in isue during the year.

No diluted earnings per share is presented for both years as there

were no potential ordinary shares in isue.

Plant and machinery	Office equipment	Furniture and fixtures	Leasehold improvements	Motor vehicles	Tools	Total
机器及机械	办公室设备	家具及固定装置	租赁物业装修	汽车	工具	总计
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元	千港元	千港元	千港元

523,960	4,425	711	6,915	15,570	2,028	553,609
28,853	208	6	282	2,424	–	31,773
3,770	–	–	–	–	–	3,770
(31,895)	(29)	–	–	–	(3)	(31,927)
(130)	(1)	(1)	–	–	–	(132)
524,558	4,603	716	7,197	17,994	2,025	557,093

365,397	3,577	468	6,662	9,555	2,025	387,684
40,955	287	101	313	2,152	–	43,808
(267)	–	–	–	–	–	(267)
(27,549)	(15)	–	–	–	–	(27,564)
(152)	–	–	–	–	–	(152)
378,384	3,849	569	6,975	11,707	2,025	403,509
146,174	754	147	222	6,287	–	153,584

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

亚积邦租赁控股有限公司 / 2025年报

14. PROPERTY, PLANT AND EQUIPMENT

COST成本

At 1 April 2023于2023年4月1日520,3444,1104686,91514,6221,998548,457

Aditions添置27,997318244–1,7793030,368

Transfer from inventory自存货转拨196–196

Disposals出售(23,761)–(831)–(24,592)

Exchange realignment汇兑调整(816)(3)(1)–(820)

At 31 March 2024于2024年3月31日

Aditions添置

Transfer from inventory自存货转拨

Disposals出售

Exchange realignment汇兑调整

At 31 March 2025于2025年3月31日

DEPRECIATION AND IMPAIRMENT折旧及减值

At 1 April 2023于2023年4月1日340,6863,3024416,2948,6681,945361,336

Provided for the year年度提拨42,750276283681,7188045,220

Impairment loses recognised in

profit or los

已于损益确认的

减值亏损54–54

Eliminated on disposal出售时注销(17,994)–(831)–(18,825)

Exchange realignment汇兑调整(99)(1)(1)–(101)

At 31 March 2024于2024年3月31日

Provided for the year年度提拨

Reversal of impairment loses

recognised in profit or los

已于损益确认的

减值亏损拨回

Eliminated on disposal出售时注销

Exchange realignment汇兑调整

At 31 March 2025于2025年3月31日

CARYING VALUES账面值

At 31 March 2025于2025年3月31日

At 31 March 2024于2024年3月31日158,5638482432536,0153165,925

、机械及设备

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

AP Rentals Holdings Limited / Anual Report 2025

、机械及设备（续）

上述物业、机械及设备项目计及剩余价值

后以直线法按下列年率折旧：

机器及机械 15%至30%

其他 20%

有关机械及设备的质押详情见附注34。

本集团为出租人

本集团以经营租赁方式出租机器及机械。

租赁一般初步为期一个月，所有租赁均不

包含可变租赁付款。有关经营租赁的已出

租机械已计入上表所披露的机器及机械内。

减值评估

本集团管理层评估并得出结论，参照近年

机器及机械的使用情况及所产生收入，如

果有减值迹象，则对有减值迹象的机械及

设备的可收回金额进行减值评估。机械及

设备的可收回金额乃按个别评估。

资产可收回金额基于使用价值及公允值减

出售成本之中较高者厘定。使用价值基于

租赁资产的未来盈利能力、未来使用情况

及未来租赁率作出估计，而公允值减出售

成本乃基于对转售价值的估计作出，并经

参考过往出售价值及出售成本或市场交易。

机械及设备的可收回金额基于分类为第二

层级按公允值减出售成本厘定。基于公允

值减出售成本计算，已就机械及设备的账

面值确认减值亏损拨回267,000港元（2024

年：减值亏损54,000港元）。

于2025年3月31日，本集团的机器及机械

累计减值亏损为5,950,000港元（2024年：

6,217,000港元）。

14. PROPERTY, PLANT AND EQUIPMENT (Continued)

The above items of property, plant and equipment are depreciated

on a straight-line basis at the folowing rates per anum after taking

into acount the residual values:

Plant and machinery 15% to 30%

Others 20%

Details of pledge of plant and equipment is set out in note 34.

The Group as lesor

The Group leases out plant and machinery under operating leases.

The leases typicaly run for an initial period of one month. None

of the leases includes variable lease payments. The plant and

machinery disclosed in the above table represents the machinery

leased out under operating leases.

Impairment asesment

The management of the Group asesed and concluded if there

was indication for impairment by reference to the utilisation and

income generated from the plant and machinery in recent years, and

impairment asesment are conducted on recoverable amounts of

the plant and equipment with impairment indicator. The recoverable

amount of the plant and equipment are estimated individualy.

The determination of the recoverable amounts of the asets is based

on the higher of value in use and fair value les cost of disposal.

Value in use is based on the estimation on the future profitability

from leasing the asets, future utilisation and future lease rates; and

fair value les cost of disposal is based on the estimation on resale

values, with reference to the historical disposal values and cost of

disposal, or market transactions. The recoverable amount of plant

and equipment was determined based on at fair value les cost of

disposal categorised into level 2. Based on the fair value les cost

of disposal, a reversal of impairment loses of HK$267,000 (2024:

impairment loses of HK$54,000) has ben recognised against the

carying amount of plant and equipment.

As at 31 March 2025, the Group’s acumulated impairment loses of

plant and machinery was HK$5,950,000 (2024: HK$6,217,000).

2025
2025年
HK$’000
千港元
7,883
3,703
7,515
11,432
7,704

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

亚积邦租赁控股有限公司 / 2025年报

15. RIGHT-OF-USE ASETS

2024年

HK$’000

千港元

Carying amount账面值

— leased properties— 租赁物业3,416

Depreciation charge折旧费

— leased properties— 租赁物业3,526

Expense relating to short-term leases有关短期租赁的开支

— in respect of rented premises— 有关租用处所6,475

Total cash outflow for leases租赁现金流出总额10,346

Aditions to right-of-use asets使用权资产的添置230

For both years, the Group leases warehouses for its operations. The

leases are fixed lease payments. Lease contracts are entered into

for fixed term of two to thre years (2024: two to thre years). Lease

terms are negotiated on an individual basis and contain diferent

terms and conditions. In determining the lease term and asesing

the length of the non-cancelable period, the Group aplies the

definition of a contract and determines the period for which the

contract is enforceable.

The Group regularly entered into short-term leases for rented

premises and machinery. As at 31 March 2025 and 2024, the portfolio

of short-term leases is similar to the portfolio of short-term leases to

which the short-term lease expense disclosed above.

The lease agrements do not impose any covenants other than the

security interests in the leased asets that are held by the lesor.

Leased asets may not be used as security for borowing purposes.

15. 使用权资产

于该两个年度，本集团就其营运租赁仓库。

租赁订有固定租赁款项。租赁合约乃按固

定两至三年期（2024年：两至三年）订立。

租期乃按个别基准磋商，并包含不同条款

及条件。于厘定租期及评估不可撤销期间

的时限时，本集团应用合约的定义，并厘

定可强制执行合约的期间。

本集团定期就租用处所及机械订立短期租

赁。于2025年及2024年3月31日，短期租

赁组合与上文披露的短期租赁开支所在的

短期租赁组合近似。

除出租人持有的租赁资产的担保权益外，

租赁协议并不附带任何契约。租赁资产不

得用作借款担保。

2025
2025年
HK$’000
千港元
3,112

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

AP Rentals Holdings Limited / Anual Report 2025

16. DEPOSIT PLACED FOR A LIFE INSURANCE POLICY

2024年

HK$’000

千港元

Deposit placed for a life insurance policy寿险保单存款3,047

The Group entered into a life insurance policy (the “Policy”) with

an insurance company to insure a director of the Company. Under

the Policy, the beneficiary and policy holder is a subsidiary of the

Company and the total insured sum is US$1,000,000 (equivalent to

HK$7,757,000).

At inception of the Policy, the Group is required to make a single

upfront payment of US$332,000 (equivalent to HK$2,497,000) which

includes a fixed policy premium charge and a deposit. Monthly

policy expense and insurance charges wil be incured over the

insurance period with reference to the terms set out in the Policy.

The insurance company wil pay the Group a guaranted interest

rate of 4.2% for the first year and a variable return per anum

afterwards (with guaranted minimum interest rate of 2%) during the

efective period of the Policy. The Group may request ful surender

of the Policy at any time and receive cash back based on the value

of the Policy at the date of withdrawal, which is determined by the

gros premium paid plus acumulated interest earned net of the

policy expense and insurance premium charge. If such withdrawal is

made betwen the first to eightenth policy year, a pre-determined

specified surender charge wil be imposed on the Group.

The directors of the Company consider that the posibility of

terminating the Policy during the first eighten years was low and

the expected life of the life insurance policy remains unchanged

since its initial recognition. The interest income of the deposit

placed, net of policy premium, expense and insurance charges are

recognised in profit or los.

16. 寿险保单存款

本集团与保险公司订有寿险保单（「保单」），

为本公司一名董事投保。根据保单，受益

人及保单持有人为本公司附属公司，而总

投保额为1,000,000美元（相等于7,757,000港

元）。

于开立保单时，本集团须支付一笔过预付

款332,000美元（相等于2,497,000港元），包

括定额保费及存款。每月保险开支及保险

手续费将于保险期内参照保单所载条款产

生。保险公司将向本集团支付首年保证利

率4.2%，并于往后保单生效期内每年支付

可变回报（最低保证利率为2%）。本集团可

随时要求全额退保，并收回相等于退保日

期保单价值（按已付保费总额加累计已获利

息并扣除保单开支及保费手续费而厘定）的

现金。倘于第一至第十八个保单年度之间

退保，本集团将须缴付预定退保手续费。

本公司董事认为于首十八个年度内终止保

单的可能性低，故寿险保单的预计有效期

自首次确认起维持不变。所存放存款的利

息收入扣除保单保费、费用及保险手续费

后于损益确认。

2025
2025年
HK$’000
千港元
2,500
(2,500)
500
(373)
127

2025
2025年
HK$’000
千港元
47

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

亚积邦租赁控股有限公司 / 2025年报

17. 于一间合营企业的权益

合营企业以权益法入账综合财务报表。截

至2025年3月31日，合营企业对本集团并

无重大影响。

(a) 该款项500,000港元（2024年：无）为无抵

押及免息。

合营企业的非重大汇总资料：

附注：根据合营协议，当亏损超过他们在合营企

业中的权益，所有合营伙伴均须分担损

失。截至2024年3月31日止年度，超出合

营企业权益的亏损420,000港元已予确认，

并对应付一间合营企业的款项作出相应调

整，且于截至2025年3月31日止年度重新

分类至于一间合营企业的权益。

17. INTEREST IN A JOINT VENTURE

2024年

HK$’000

千港元

Cost of investment in a joint venture一间合营企业投资成本2,500

Share of post-acquisition reserves收购后储备的份额(2,500)

Amount due from a joint venture

— non-curent aset (Note a)

应收一间合营企业的款项

— 非流动资产（附注a）–

Les: share of post-acquisition loses that are

in exces of the cost of the investment

减：分占收购后超过投资

成本的亏损–

–

The joint venture is acounted for using equity method in the

consolidated financial statements. As at 31 March 2025, the joint

venture is not material to the Group.

(a) The amount of HK$500,000 (2024: Nil) is unsecured and interest-fre.

Agregate information of the joint venture that is not material:

2024年

HK$’000

千港元

The Group’s share of profit (los) and total

comprehensive income (expense) (note)

本集团应占溢利（亏损）及

全面收益（开支）总额（附注）(2,920)

Note: Acording to the joint venture agrement, when the los exceds

their interests in the joint venture, al joint venture partners are

required to share the los. For the year ended 31 March 2024, the los

exceding the interest in the joint venture of HK$420,000 had ben

recognised with a coresponding adjustment to the amount due to

a joint venture and was reclasified to the interest in a joint venture

during the year ended 31 March 2025.

2025
2025年
HK$’000
千港元
8,990
12,590
21,580

2025
2025年
HK$’000
千港元
55,545
212
(17,682)
38,075
1,126
(487)
639
650
4,490
43,854
42,035
1,169
650
43,854

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

AP Rentals Holdings Limited / Anual Report 2025

18. 存货

、按金及预付

款项

18. INVENTORIES

2024年

HK$’000

千港元

Equipment设备11,292

Spare parts零件11,161

22,453

19. TRADE AND OTHER RECEIVABLES, DEPOSITS AND

PREPAYMENTS

2024年

HK$’000

千港元

Lease receivables from:应收下列人士的应收租赁款项：

— outsiders— 外界人士50,891

— a related company— 一间关联公司212

Les: Alowance for expected credit loses减：预期信贷亏损拨备(15,036)

36,067

Trade receivables from contracts with

customers

来自客户合约的贸易应收款项

2,605

Les: Alowance for expected credit loses减：预期信贷亏损拨备(286)

2,319

Rental deposits paid已付租金按金650

Other deposits and prepayments其他按金及预付款项5,976

45,012

Analysed as:分析为：

Curent流动43,273

Non-curent — prepayments and

deposits paid for acquisition of

property, plant and equipment

非流动 — 收购物业、

机械及设备的

已付预付款项及按金1,089

Non-curent — rental deposits非流动 — 租金按金650

45,012

2025
2025年
HK$’000
千港元
11,730
9,696
4,853
9,232
3,203
38,714

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

亚积邦租赁控股有限公司 / 2025年报

、按金及预付

款项（续）

于2023年4月1日，客户合约产生的贸易应

收款项为3,018,000港元。

以下为于报告期末按发票日期呈列的应收

租赁款项及贸易应收款项（已扣除信贷亏损

拨备）的账龄分析：

于该两个年度，应收租赁款项的一般信贷

期为发出发票后的0至90日，而贸易应收

款项的一般信贷期为发出发票后的0至90日。

于2025年3月31日，本集团应收租赁款

项及贸易应收款项结余包括账面总值为

23,724,000港元（2024年：25,301,000港元）的

应收账款，其于报告期末已逾期。于2025

年3月31日的已逾期结余中，12,420,000港

元（2024年：7,983,000港元）已逾期90日或

以上但不被视为违约，因应收账款一般会

在逾期90日后参考应收账款支付方式结清

未偿还结余。本集团并未就该等结余持有

任何抵押品。

贸易及其他应收款项的减值评估详情载于

附注31。

19. TRADE AND OTHER RECEIVABLES, DEPOSITS AND

PREPAYMENTS (Continued)

As at 1 April 2023, trade receivables from contracts with customers

amounted to HK$3,018,000.

The folowing is an aged analysis of lease receivables and trade

receivables, net of alowance for credit loses, presented based on

the invoice date at the end of the reporting period:

2024年

HK$’000

千港元

Within 30 days30日内16,197

31 to 60 days31日至60日 10,035

61 to 90 days61日至90日2,453

91 to 180 days91日至180日4,885

Over 180 days超过180日4,816

38,386

During both years, the normal credit term of the lease receivables is

0 to 90 days upon invoice isued and the normal credit term of the

trade receivables is 0 to 90 days upon invoice isued.

As at 31 March 2025, included in the Group’s lease receivables and

trade receivables balances are debtors with agregate carying

amount of HK$23,724,000 (2024: HK$25,301,000) which were past

due at the end of the reporting period. Out of the past due balances

as at 31 March 2025, HK$12,420,000 (2024: HK$7,983,000) has ben

past due 90 days or more and are not considered as in default as

debtors normaly wil setle the outstanding balances after 90 days

overdue with reference to the debtors setlement patern. The

Group does not hold any colateral over these balances.

Details of impairment asesment of trade and other receivables are

set out in note 31.

2025
2025年
HK$’000
千港元
7,293
4,029
15,474
2,997
29,793

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

AP Rentals Holdings Limited / Anual Report 2025

╱现金及现金等价

物

于2025年3月31日，银行结余及存款按年

利率0.01%–4.40%（2024年：年利率0.01%–

5.30%）计息。

于2025年3月31日，已抵押银行存款按市

场年利率0.01%（2024年：年利率0.01%）计

息。

银行结余及已抵押银行存款的减值评估详

情载于附注31。

21. 贸易及其他应付款项及应计费用

附注：

(a) 于2025年及2024年3月31日，贸易应付款

项及收购物业、机械及设备的应付款项乃

根据供应商授予的一般信贷期。信贷期介

乎0至540日（2024年：0至540日）。

(b) 于2025年3月31日，应计开支主要包括

应计员工成本9,774,000港元及长服金拨备

1,956,000港元（2024年：7,009,000港元及

1,695,000港元）。

项主要包括应付专业费用、应付保费及其

他应付公共设施费用。

20. PLEDGED BANK DEPOSIT/CASH AND CASH

EQUIVALENTS

At 31 March 2025, bank balances and deposits cary interest of

0.01%–4.40% per anum (2024: 0.01%–5.30% per anum).

At 31 March 2025, pledged bank deposit cary interest at market

rates of 0.01% per anum (2024: 0.01% per anum).

Details of impairment asesment of bank balances and pledged

bank deposit are set out in note 31.

21. TRADE AND OTHER PAYABLES AND ACRUED

CHARGES

2024年

HK$’000

千港元

Trade payables (Note a)贸易应付款项（附注a）5,452

Payables for acquisition of property,

plant and equipment (Note a)

收购物业、机械及设备的

应付款项（附注a）16,486

Acrued expenses (Note b)应计开支（附注b）12,486

Other payables (Note c)其他应付款项（附注c）2,891

37,315

Notes:

(a) As at 31 March 2025 and 2024, trade payables and payables for

acquisition of property, plant and equipment are under normal credit

term granted by supliers. The credit period is ranging from 0 to 540

days (2024: 0 to 540 days).

(b) As at 31 March 2025, included in acrued expenses are mainly acrued

staf costs of HK$9,774,000 and provision of LSP of HK$1,956,000 (2024:

HK$7,009,000 and HK$1,695,000).

profesional fe payable, insurance payable and other utility payable.

2025
2025年
HK$’000
千港元
1,685
787
2,746
26
2,049
7,293

2025
2025年
HK$’000
千港元
575

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

亚积邦租赁控股有限公司 / 2025年报

21. 贸易及其他应付款项及应计费用

（续）

以下为于报告期末按发票日期呈列的贸易

应付款项的账龄分析：

22. 合约负债

于2023年4月1日，合约负债为1,154,000港

元。

本集团通常于客户签订买卖协议时向其收

取合约价值的10%至40%作为按金。按金

将会于客户取得机械及零件的控制权时确

认为收益。

21. TRADE AND OTHER PAYABLES AND ACRUED

CHARGES (Continued)

The folowing is an aged analysis of trade payables, presented based

on the invoice date at the end of the reporting period:

2024年

HK$’000

千港元

Within 30 days30日内2,616

31 to 60 days31日至60日 841

61 to 90 days61日至90日414

91 to 180 days91日至180日197

Over 180 days超过180日1,384

5,452

22. CONTRACT LIABILITIES

2024年

HK$’000

千港元

Relating to sales of machinery and parts与机械及零件销售相关 952

As at 1 April 2023, contract liabilities amounted to HK$1,154,000.

The Group normaly receives 10% to 40% of the contract value

as deposits from customers when it signs that sale and purchase

agrement. The deposits wil be recognised as revenue when the

customer obtains control of the machinery and parts.

2025
2025年
HK$’000
千港元
952
(952)
575
575

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

AP Rentals Holdings Limited / Anual Report 2025

（续）

下表显示已确认的收益中多少与结转合约

负债相关及多少与前期已履行的履约责任

22. CONTRACT LIABILITIES (Continued)

The folowing table shows how much of the revenue recognised

relates to caried-forward contract liabilities and how much relates to

performance obligation that were satisfied in prior periods.

2024年

HK$’000

千港元

Balance at the begining of the year年初余额1,154

Decrease in contract liabilities as a result of

recognising revenue during the year that

were included in the contract liabilities at

the begining of the year

因年内确认收益

（于年初计入合约负债）

导致合约负债减少

(1,154)

Increase in contract liabilities as a result of

receiving deposits in respect of sales of

machinery and parts

因收取机械及零件销售的

按金导致合约负债增加

Balance at the end of the year年末余额952

2025
2025年
HK$’000
千港元
1,730
1,056
306
3,092
17,444
16,587
4,737
38,768
41,860
(40,498)
1,362

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

亚积邦租赁控股有限公司 / 2025年报

23. 借款23. BOROWINGS

2024年

HK$’000

千港元

Carying amounts of borowings that do

not contain a repayment on demand

clause and repayable:

并无包含须按要求还款条款

及须于下列年期偿还的借款

的账面值：

Within one year一年内1,700

More than one year but not exceding

two years

多于一年，但不多于两年

More than two years but not exceding

five years

多于两年，但不多于五年

2,768

Carying amounts of borowings that contain

a repayment on demand clause (shown

under curent liabilities) and the maturity

analysis based on the scheduled repayment

dates set out in the loan agrements are:

包含须按要求还款条款的借款

（于流动负债项下呈列）的

账面值及按贷款协议所载预定

还款日期所作到期日分析为：

Within one year一年内11,777

More than one year but not exceding

two years

多于一年，但不多于两年

11,596

More than two years but not exceding

five years

多于两年，但不多于五年

13,012

36,385

39,153

Les: Amounts due within 12 months

shown under curent liabilities

减：于流动负债项下呈列的

12个月内到期款项(38,085)

Non-curent liabilities非流动负债1,068

2025
2025年
HK$’000
千港元
18,545

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

AP Rentals Holdings Limited / Anual Report 2025

（续）

于2025年3月31日，本集团的借款已包括

41,860,000港元（2024年：38,407,000港元）的

固定利率借款，按介乎1.50%至2.45%（2024

年：介乎1.50%至2.45%）年利率计息。概无

浮息借款（2024年：746,000港元）按年息率

3.2%加一个月香港银行同业拆息率（「香港

银行同业拆息率」）计息。

有抵押借款41,860,000港元（2024年：

38,407,000港元）以附注34所披露的物业、

机械及设备、寿险保单存款以及已抵押银

行存款作抵押。

24. 递延税项负债

23. BOROWINGS (Continued)

At 31 March 2025, included in Group’s borowings of HK$41,860,000

(2024: HK$38,407,000) are fixed-rate borowings carying flat interest

ranging from 1.50% to 2.45% (2024: ranging from 1.50% to 2.45%)

per anum. No variable-rate borowing (2024: HK$746,000) caries

interest at 3.2% per anum over one-month Hong Kong interbank

ofered rate (“HIBOR”).

The secured borowings of HK$41,860,000 (2024: HK$38,407,000)

were secured by property, plant and equipment, deposit placed for

a life insurance policy and pledged bank deposit as disclosed in note

34.

24. DEFERED TAX LIABILITIES

2024年

HK$’000

千港元

Defered tax liabilities递延税项负债20,645

Accelerated tax depreciation	Tax losses	ECL provision	Others	Total
加速税项折旧	税项亏损	预期信贷亏损拨备	其他	总计
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元	千港元

22,764	(1,217)	(822)	(80)	20,645
(480)	(1,511)	(105)	(4)	(2,100)
22,284	(2,728)	(927)	(84)	18,545

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

亚积邦租赁控股有限公司 / 2025年报

（续）

以下为本集团于两个年度内确认的主要递

延税项负债（资产）及其变动：

于报告期末，本集团有未动用税项亏损

24,468,000港元（2024年：24,886,000港元）

可供抵销未来溢利，并已就该等亏损中

16,533,000港元（2024年：7,376,000港元）确

认递延税项资产。由于无法预测未来溢利

来源，故并无就余下的7,935,000港元（2024

年：17,510,000港元）确认递延税项资产。

8,684,000港元（2024年：6,476,000港元）的

亏损包括在未确认的税项亏损中，于发起

之日起5年内到期。其他税项亏损可无限期

结转。

24. DEFERED TAX LIABILITIES (Continued)

The folowing are the major defered tax liabilities (asets) recognised

by the Group and movements thereon during both years:

At 1 April 2023于2023年4月1日25,156(1,454)(1,082)5422,674

(Credit) charge to profit

or los

（计入损益）

自损益扣除(2,392)237260(134)(2,029)

At 31 March 2024于2024年3月31日

Credit to profit or los计入损益

At 31 March 2025于2025年3月31日

At the end of the reporting period, the Group has unused tax

loses of HK$24,468,000 (2024: HK$24,886,000) available for ofset

against future profits. A defered tax aset has ben recognised in

respect of HK$16,533,000 (2024: HK$7,376,000) of such loses. No

defered tax aset has ben recognised in respect of the remaining

HK$7,935,000 (2024: HK$17,510,000) due to the unpredictability of

future profit streams. Included in unrecognised tax loses are loses

of HK$8,684,000 (2024: HK$6,476,000) that wil expire by 5 years

from the date of originating. Other tax loses may be caried forward

indefinitely.

2025
2025年
HK$’000
千港元
3,088
2,787
2,071
7,946
(3,088)
4,858

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

AP Rentals Holdings Limited / Anual Report 2025

（应付）一间合营企业的款项

应收一间合营企业的款项乃由本集团的机

械销售所产生。该款项为无抵押、免息及

须于合营企业的最终客户确认收到机械后

30日内偿还。于报告期末按发票日期计算，

应收一间合营企业的款项的账龄为30日内。

应收一间合营企业的款项的减值评估详情

载于附注31。

应付一间合营企业的款项属非贸易性质、

无抵押、免息及须按要求偿还。

26. 租赁负债

适用于租赁负债的加权平均增量借款利率

为4.21%（2024年：4.01%）。

25. AMOUNT DUE FROM (TO) A JOINT VENTURE

The amount due from a joint venture is arising from the sales of

machinery by the Group. The amount is unsecured, interest-fre and

repayable on 30-day after the acknowledges of the receipt of the

machinery by the end customer of the joint venture. Based on the

invoice date at the end of the reporting period, the ageing of the

amount due from a joint venture is within 30 days.

Details of impairment asesment of amount due from a joint

venture is set out in note 31.

The amount due to a joint venture is non-trade, unsecured, interest-

fre and repayable on demand.

26. LEASE LIABILITIES

2024年

HK$’000

千港元

Lease liabilities payable:应付租赁负债：

Within one year一年内3,120

More than one year but not

exceding two years

多于一年，但不多于两年

More than two years but not

exceding five years

多于两年，但不多于五年

–

3,519

Les: Amount due for setlement within

12 months shown under curent

liabilities

减：12个月内到期结算的款项

（于流动负债下列示）

(3,120)

Amount due for setlement after

12 months shown under

non-curent liabilities

12个月后到期结算的款项

（于非流动负债下列示）

The weighted average incremental borowing rate aplied to lease

liabilities was 4.21% (2024: 4.01%).

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

亚积邦租赁控股有限公司 / 2025年报

27. 已发行股本

28. 以股份为基础的付款

本集团已根据所有股东于2016年3月17日

的股东特别大会上通过书面决议案采纳购

股权计划（「购股权计划」）。购股权计划为

股份奖励计划，设立该计划旨在嘉许及酬

谢曾经或可能会对本集团作出贡献的合资

格参与者。

根据购股权计划，董事会（「董事会」）可酌

情向合资格参与者授出购股权，包括：(i)

本集团任何董事、雇员、咨询人、专业人

士、客户、供应商、代理、合伙人或顾问

或承包商或本集团拥有权益的公司或该公

司的附属公司（「联属人士」）；或(i)以本集

团任何董事、雇员、咨询人、专业人士、

客户、供应商、代理、合伙人或顾问或承

包商或联属人士为受益人的任何信托或以

上述各方为全权受益人的任何全权信托的

受托人；或(i)本集团任何董事、雇员、咨

询人、专业人士、客户、供应商、代理、

合伙人、顾问或承包商或联属人士实益拥

有的公司。

27. ISUED CAPITAL

Number ofShare

sharescapital

股份数目股本

HK$’000

千港元

Ordinary shares of HK$0.001 each每股面值0.001港元的普通股

Authorised:法定：

At 1 April 2023, 31 March 2024 and

31 March 2025

于2023年4月1日、

2024年3月31日

及2025年3月31日10,000,000,00010,000

Isued:已发行：

At 1 April 2023, 31 March 2024 and

31 March 2025

于2023年4月1日、

2024年3月31日

及2025年3月31日864,000,000864

28. SHARE-BASED PAYMENTS

The Group has adopted the share option scheme (the “Share

Option Scheme”) pursuant to a resolution in writing pased by al

the shareholders in the extraordinary general meting on 17 March

2016. The Share Option Scheme is a share incentive scheme and is

established to recognise and acknowledge the contributions that

eligible participants had made or may make to the Group.

Under the Share Option Scheme, the board of directors (“the Board”)

may at its discretion grant options to eligible participants, including:

(i) any director, employe, consultant, profesional, customer,

suplier, agent, partner or adviser of or contractor to the Group or a

company in which the Group holds an interest or a subsidiary of such

company (“Afiliate”); or (i) the truste of any trust the beneficiary

of which or any discretionary trust the discretionary objects of which

include any director, employe, consultant, profesional, customer,

suplier, agent, partner or adviser of or contractor to the Group or

an Afiliate; or (i) a company beneficialy owned by any director,

employe, consultant, profesional, customer, suplier, agent,

partner, adviser of or contractor to the Group or an Afiliate.

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

AP Rentals Holdings Limited / Anual Report 2025

（续）

购股权计划项下任何股份的行使价将由董

事会厘定及通知各承授人，惟该价格不得

低于以下各项的最高者：(i)于授出有关购

股权日期（该日必须为营业日）在联交所每

日报价表所报本公司股份收市价；(i)相等

于紧接授出有关购股权日期前五个营业日

在联交所每日报价表所报本公司股份平均

收市价的金额；及(i)本公司股份于授出日

期的面值。行使价亦须作出若干调整。

于购股权计划所载若干限制规限下，可于

所适用购股权期间（即不超过授出购股权日

期起计十年）随时根据购股权计划条款及有

关授出购股权的条款行使购股权。

根据购股权计划，并无有关须持有购股权

的最短期间或于根据购股权计划的条款行

使购股权前须达致的表现目标的一般规定。

然而，董事会可于授出任何购股权时按个

别情况授出有关购股权，惟须遵守有关条

件、限制或规限（包括（但不限于）该等与董

事会可能全权酌情厘定须持有购股权的最

短期间及╱或须达致的表现目标相关者）。

自购股权计划采纳日期起至2025年3月31

日止，并无根据购股权计划授出或同意授

出购股权。

28. SHARE-BASED PAYMENTS (Continued)

The exercise price for any share under the Share Option Scheme shal

be a price determined by the Board and notified to each grante

and shal be not les than the highest of (i) the closing price of the

Company’s share as stated in the Stock Exchange’s daily quotations

shet on the date of grant of the relevant option, which must be

a busines day, (i) an amount equivalent to the average closing

price of the Company’s share as stated in the Stock Exchange’s daily

quotation shets for the five busines days imediately preceding

the date of grant of the relevant option and (i) the nominal value

of the Company’s share on the date of grant. The exercise price shal

also be subject to certain adjustments.

Subject to certain restrictions contained in the Share Option Scheme,

an option may be exercised in acordance with the terms of the

Share Option Scheme and the terms of grant thereof at any time

during the aplicable option period, which is not more than ten

years from the date of grant of option.

Under the Share Option Scheme, there is no general requirement

on the minimum period for which an option must be held or the

performance targets which must be achieved before an option can

be exercised under the terms of the Share Option Scheme. However,

at the time of granting any option, the Board may, on a case by

case basis, make such grant subject to such conditions, restrictions

or limitations including (without limitation) those in relation to the

minimum period of the options to be held and/or the performance

targets to be achieved as the Board may determine in its absolute

discretion.

From the date of the adoption of the Share Option Scheme and up

to 31 March 2025, no share option has ben granted or agred to be

granted under the Share Option Scheme.

2025
2025年
HK$’000
千港元
138,135
21,071
26,959
186,165
158
33,284
6,865
29,234
69,541
2,050
67,491
253,656
864
252,792
253,656

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

亚积邦租赁控股有限公司 / 2025年报

29. 本公司财务状况表及本公司储备29. STATEMENT OF FINANCIAL POSITION OF THE

COMPANY AND RESERVES OF THE COMPANY

2024年

HK$’000

千港元

Non-curent Asets非流动资产

Investments in subsidiaries于附属公司的投资138,135

Loans to a subsidiary贷款予一间附属公司6,534

Amounts due from subsidiaries应收附属公司款项21,165

165,834

Curent Asets流动资产

Prepayments预付款项206

Amounts due from subsidiaries应收附属公司款项29,534

Loans to a subsidiary贷款予一间附属公司27,937

Cash and cash equivalents现金及现金等价物32,023

89,700

Curent Liability流动负债

Other payables and acrued charges其他应付款项及应计费用1,400

Net Curent Asets流动资产净值88,300

Net Asets资产净值254,134

Capital and Reserves资本及储备

Isued capital已发行股本864

Reserves储备253,270

Total Equity总权益254,134

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

AP Rentals Holdings Limited / Anual Report 2025

29. 本公司财务状况表及本公司储备

（续）

下表载列两个年度本公司的储备变动：

29. STATEMENT OF FINANCIAL POSITION OF THE

COMPANY AND RESERVES OF THE COMPANY

(Continued)

The folowings are the movements of the Company’s reserves for

both years:

ShareRetained

premiumprofitsTotal

股份溢价保留溢利总计

HK$’000HK$’000HK$’000

千港元千港元千港元

At 1 April 2023于2023年4月1日232,34521,445253,790

Profit and total comprehensive

income for the year

本年度溢利及

全面收益总额–5,0965,096

Dividend股息–(5,616)(5,616)

At 31 March 2024于2024年3月31日232,34520,925253,270

Profit and total comprehensive

income for the year

本年度溢利及

全面收益总额–6,0886,088

Dividend股息–(6,566)(6,566)

At 31 March 2025于2025年3月31日232,34520,447252,792

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

亚积邦租赁控股有限公司 / 2025年报

30. CAPITAL RISK MANAGEMENT

The Group manages its capital to ensure that entities in the Group

wil be able to continue as a going concern while maximising the

return to shareholders through the optimisation of the debt and

equity balance. The Group’s overal strategy remains unchanged

throughout the year.

The capital structure of the Group consists of net debts, which

include borowings, lease liabilities net of cash and cash equivalents

and equity atributable to owners of the Company, comprising

isued capital and reserves.

The directors of the Company review the capital structure

periodicaly. As part of this review, the directors consider the cost

of capital and the risks asociated with each clas of capital. The

management uses short-term funding to finance its daily operation

to minimise finance costs. Based on recomendations of the

directors, the Group wil balance its overal capital structure through

the payment of dividends and new share isues or repayment of

existing debt.

30. 资本风险管理

本集团管理其资本以确保于本集团的实体

将可持续经营，同时透过优化债务及权益

结余，为股东争取最大回报。年内，本集

团的整体策略一直维持不变。

本集团的资本架构包括债务净额，当中包

括借款、租赁负债（扣除现金及现金等价物）

以及本公司拥有人应占权益（包括已发行股

本及储备）。

本公司董事定期检讨资本架构。作为此检

讨的一部分，董事考虑资本成本及与各类

资本相关的风险。管理层使用短期资金拨

付其日常营运，以最大程度地降低融资成

本。根据董事建议，本集团将透过支付股

息及发行新股份或偿还现有债务平衡其整

体资本架构。

2025
2025年
HK$’000
千港元
148,349
56,179

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

AP Rentals Holdings Limited / Anual Report 2025

31. 金融工具

a. 金融工具类别

b. 金融风险管理目标及政策

本集团的主要金融工具包括贸易及

其他应收款项、应收租赁款项、租金

按金、应收一间合营企业的款项、已

抵押银行存款、现金及现金等价物、

贸易及其他应付款项、应付一间合营

企业的款项、借款及租赁负债。与此

等金融工具相关的风险包括市场风险

（货币风险及利率风险）、信贷风险及

流动资金风险。有关如何减低此等风

险的政策载于下文。管理层管理及监

察此等风险，以确保及时及有效实行

适当措施。

市场风险

货币风险

本集团若干交易以相关集团实体的功

能货币以外的货币计值，因此本集团

面临外币风险。本集团目前并无外币

对冲政策。然而，管理层监察外汇风

险，并将于有需要时考虑对冲重大外

币风险。

31. FINANCIAL INSTRUMENTS

a. Categories of financial instruments

2024年

HK$’000

千港元

Financial asets金融资产

Amortised cost摊销成本138,609

Financial liabilities金融负债

Amortised cost摊销成本 64,402

b. Financial risk management objectives and policies

The major financial instruments of the Group include trade

and other receivables, lease receivables, rental deposits,

amount due from a joint venture, pledged bank deposit, cash

and cash equivalents, trade and other payables, amount due

to a joint venture, borowings and lease liabilities. The risks

asociated with these financial instruments include market risk

(curency risk and interest rate risk), credit risk and liquidity risk.

The policies on how to mitigate these risks are set out below.

The management manages and monitors these exposures to

ensure apropriate measures are implemented on a timely

and efective maner.

Market risk

Curency risk

Certain transactions of the Group are denominated in

curencies which are diferent from the functional curencies

of the relevant group entities and therefore the Group is

exposed to foreign curency risk. The Group curently does

not have a foreign curency hedging policy. However, the

management monitors foreign exchange exposure and wil

consider hedging significant foreign curency exposure if

necesary.

2025		2025
2025年		2025年
HK$’000		HK$’000
千港元		千港元
9,295 3,457 2,136 5,968
10,533		3,099
4,007		1,400
2,578		2,673
5,430		1,065

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

亚积邦租赁控股有限公司 / 2025年报

（续）

（续）

市场风险（续）

货币风险（续）

各集团实体于报告期末以外币计值的

货币资产及货币负债账面值如下：

敏感度分析

下表详列本集团对各集团实体外币兑

有关功能货币汇率上升及下降5%的

敏感度。5%为内部向主要管理层人

员报告外币风险时所用的敏感度比

率，反映管理层对汇率可能变动的评

估。敏感度分析仅包括于报告期末以

未偿还外币计值的货币项目，并以汇

率变动5%作汇兑调整。下文的正数

显示有关货币兑各集团实体的有关功

能货币的汇率上升5%的税后溢利增

幅。倘有关货币兑各集团实体的有关

功能货币的汇率下降5%，将对税后

溢利构成相等但相反的影响。

31. FINANCIAL INSTRUMENTS (Continued)

b. Financial risk management objectives and policies

(Continued)

Market risk (Continued)

Curency risk (Continued)

The carying amounts of the foreign curency denominated

monetary asets and monetary liabilities of the respective

group entities at the end of the reporting period are as folows:

AsetsLiabilities

资产负债

2024年

HK$’000

千港元

Japanese Yen (“JPY”)日圆（「日圆」）5,598

United States dolars (“US$”)美元（「美元」）2,972

Euro (“EUR”)欧元（「欧元」）138

Singapore dolars (“SG$”)新加坡元（「新加坡元」）1,478

Sensitivity analysis

The folowing table details the sensitivity of the Group to

a 5% increase and decrease in foreign curencies against

the relevant functional curencies of the respective group

entities. 5% is the sensitivity rate used when reporting foreign

curency risk internaly to key management personel and

represents management’s asesment of the posible change

in foreign exchange rates. The sensitivity analysis includes

only outstanding foreign curency denominated monetary

items and adjusts their translation at the end of the reporting

period for a 5% change in foreign curency rates. A positive

number below indicates an increase in post-tax profit where

the relevant curencies strengthen 5% against relevant

functional curencies of the respective group entities. For a

5% weakening of the relevant curencies against the relevant

functional curencies of the respective group entities, there

would be an equal and oposite impact on the post-tax profit.

2025
2025年
HK$’000
千港元
310
(4)
182

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

AP Rentals Holdings Limited / Anual Report 2025

（续）

（续）

市场风险（续）

货币风险（续）

敏感度分析（续）

就以美元计值的货币资产及负债而

言，由于港元目前与美元挂钩，管理

层认为汇率波动并不重大，因此并无

就美元于综合财务报表中披露外币敏

感度分析。

利率风险

本集团须承担与已抵押银行存款、固

定利率借款及租赁负债有关的公允值

利率风险。本集团亦须承担与浮息银

行结余（详情见附注20）及浮息银行

借款（详情见附注23）有关的现金流

量利率风险。本集团现金流量利率风

险主要集中于银行结余利率及本集团

以港元计值的借款所产生的香港银行

同业拆息率波动。倘利率大幅波动，

管理层将采取适当措施管理利率风

险。管理层认为本集团的公允值利率

风险并不重大。

本集团并无订立任何利率对冲合约或

任何其他与利率相关的衍生金融工

具。然而，管理层会密切监察本集团

利率相关风险，并将于有需要时考虑

对冲重大利率风险。

31. FINANCIAL INSTRUMENTS (Continued)

b. Financial risk management objectives and policies

(Continued)

Market risk (Continued)

Curency risk (Continued)

Sensitivity analysis (Continued)

2024年

HK$’000

千港元

JPY against HK$日圆兑港元154

EUR against HK$欧元兑港元83

SG$ against HK$新加坡元兑港元187

For the monetary asets and liabilities denominated in US$,

since HK$ is curently peged to US$, the management

considers that the exchange rate fluctuation is not significant.

Acordingly, no foreign curency sensitivity analysis is

disclosed in the consolidated financial statements in respect

of the US$.

Interest rate risk

The Group is exposed to fair value interest rate risk in relation

to pledged bank deposit, fixed-rate borowings and lease

liabilities. The Group is also exposed to cash flow interest

rate risk in relation to variable-rate bank balances (se note

20 for details) and variable-rate bank borowings (se note

23 for details). The Group cash flow interest rate risk is mainly

concentrated on the fluctuation of interest rates on bank

balances and HIBOR arising from the Group’s Hong Kong

dolar denominated borowings. The management wil take

apropriate measures to manage interest rate exposure

if interest rate fluctuates significantly. The management

considers the fair value interest rate risk to the Group is

insignificant.

The Group has not entered into any interest rate hedging

contracts or any other interest rate related derivative financial

instruments. However, management monitors the Group’s

related interest rate exposure closely and wil consider

hedging significant interest rate exposure when the ned

arises.

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

亚积邦租赁控股有限公司 / 2025年报

（续）

（续）

市场风险（续）

利率风险（续）

敏感度分析

本集团现金流量利率风险主要集中

于银行结余及银行借款的利率波动。

本集团通过评估基于利率水平和前景

的任何利率变动所引起的潜在影响来

管理其利率风险。管理层将会检讨利

率，并确保其在合理范围内。本公司

董事认为由银行结余及银行借款产生

的现金流量利率风险微不足道。

信贷风险及减值评估

信贷风险是指本集团的交易方未能履

行其合约义务，从而导致本集团蒙受

财务损失的风险。本集团的信贷风险

承担主要由于贸易及其他应收款项、

应收租赁款项、应收一间合营企业的

款项、租金按金、已抵押银行存款及

银行结余。本集团未持有任何抵押品

或其他增信以弥补其有关金融资产的

信贷风险。

31. FINANCIAL INSTRUMENTS (Continued)

b. Financial risk management objectives and policies

(Continued)

Market risk (Continued)

Interest rate risk (Continued)

Sensitivity analysis

The Group cash flow interest rate risk is mainly concentrated

on the fluctuation of interest rates on bank balances and bank

borowings. The Group manages its interest rate exposures

by asesing the potential impact arising from any interest

rate movements based on interest rate level and outlok.

The management wil review the interest rates and ensure

they are within reasonable range. The directors of the

Company consider that the exposure of cash flow interest

rate risks arising from bank balances and bank borowings are

insignificant.

Credit risk and impairment asesment

Credit risk refers to the risk that the Group’s counterparties

default on their contractual obligations resulting in financial

loses to the Group. The Group’s credit risk exposures are

primarily atributable to trade and other receivables, lease

receivables, amount due from a joint venture, rental deposits,

pledged bank deposit and bank balances. The Group does not

hold any colateral or other credit enhancements to cover its

credit risks asociated with its financial asets.

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

AP Rentals Holdings Limited / Anual Report 2025

（续）

（续）

信贷风险及减值评估（续）

来自客户合约的贸易应收款项及应收

租赁款项

为尽量减少信贷风险，本集团管理层

已委派团队负责厘定信贷限额及信贷

审批。在接纳任何新客户前，本集团

使用内部信贷评分制度评估潜在客户

的信贷质素并界定客户的信贷限额。

客户应占限额及得分每年均会审阅。

其他监控已设有程序以确保采取跟进

行动收回逾期债务。另外，本集团管

理层根据个别评估计应收租赁款项

及贸易应收款项的全期预期信贷亏

损的信贷减值金额，而余下结余则在

考虑应收租赁款项及贸易应收款项

的内部分组（经参考账龄、还款记录

及╱或逾期状况）后，对具有类似风

险敞口的各类应收账款进行分组而评

估。估计亏损乃根据过往观察到的违

约率计算得出，并就前瞻性资料作出

调整，例如外部信贷机构对宏观经济

状况的预期，该等资料为合理及有理

据且无需付出不必要的费用或努力即

可获得。鉴于违约率下降，本公司董

事认为本集团的信贷风险显著减少。

应收一间合营企业的款项

本公司董事持续监察交易方的信贷质

素及财务状况及风险暴露水平，以确

保采取跟进行动收回债务。截至2025

年及2024年3月31日，本公司董事审

阅应收一间合营企业款项的历史结算

记录，因此评估根据全期预期信贷亏

损方法计量的该等应收款项的预期信

贷亏损拨备并不重大。

31. FINANCIAL INSTRUMENTS (Continued)

b. Financial risk management objectives and policies

(Continued)

Credit risk and impairment asesment (Continued)

Trade receivables arising from contracts with customers and lease

receivables

In order to minimise the credit risk, the management of the

Group has delegated a team responsible for determination of

credit limits and credit aprovals. Before acepting any new

customer, the Group uses an internal credit grading system

to ases the potential customer’s credit quality and defines

credit limits by customer. Limits and grading atributed

to customers are reviewed each year. Other monitoring

procedures are in place to ensure that folow-up action is

taken to recover overdue debts. In adition, the management

of the Group estimates the credit-impaired amount of lifetime

ECL of lease receivables and trade receivables based on

individual asesment whereas the remaining balance are

asesed by grouping of various debtors that have similar

risk exposure, after considering internal grouping of lease

receivables and trade receivables with reference to ageing,

repayment history and/or past due status. Estimated loses

are based on historical observed default and are adjusted

for forward-loking information, such as the external credit

agency’s expectation on the macro-economic condition, that

is reasonable and suportable and available without undue

costs or efort. In view of the decrease in default rate, the

directors of the Company consider that the Group’s credit risk

is significantly reduced.

Amount due from a joint venture

The directors of the Company continuously monitor the credit

quality and financial positions of the counterparties and the

level of exposure to ensure that folow-up action is taken to

recover the debts. As at 31 March 2025 and 2024, the directors

of the Company reviews the historical setlement records of

the amount due from a joint venture, and thus asesed the

ECL alowance for theses receivables measured under lifetime

ECL method to be insignificant.

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

亚积邦租赁控股有限公司 / 2025年报

（续）

（续）

信贷风险及减值评估（续）

租金按金及其他应收款项

就租金按金及其他应收款项而言，

本公司董事按历史结算记录、过往经

验、合理的定量和定性资料及有理据

的前瞻性资料进行定期个别评估。本

公司董事相信自首次确认以来有关金

额的信贷风险并无显著增加，而本集

团则计提按12个月预期信贷亏损之

减值。于2025年及2024年3月31日，

本集团评估其他应收款项的预期信贷

亏损，而租金按金并不重大，因此未

确认任何亏损拨备。

已抵押银行存款及银行结余

流动资金的信贷风险有限，原因是对

手方乃获国际信贷评级机构指定属于

高信贷评级的银行及保险公司。本集

团参考有关违约概率及外部信贷评级

机构发布的相应信贷评级等级的违约

损失率的资料，以评估已抵押银行存

款及银行结余的12个月预期信贷亏

损。根据平均亏损率，已抵押银行存

款及银行结余的12个月预期信贷亏

损均被视为并不重大。

本集团存放于若干高信贷评级银行的

流动资金有信贷集中风险。

本集团按地理位置划分的信贷风险

主要集中在香港，占2025年3月31日

应收租赁款项及贸易应收款项的92%

（2024年：87%）。

本集团的信贷风险集中，原因是应收

租赁款项的38%（2024年：11%）及贸

易应收款项的52%（2024年：34%）乃

应收本集团最大客户及五大客户的款

项，该等客户来自物业及基础建设行

业。

31. FINANCIAL INSTRUMENTS (Continued)

b. Financial risk management objectives and policies

(Continued)

Credit risk and impairment asesment (Continued)

Rental deposits and other receivables

For rental deposits and other receivables, the directors

of the Company make periodic individual asesment on

the recoverability of other receivables based on historical

setlement records, past experience, and also quantitative

and qualitative information that is reasonable and suportive

forward-loking information. The directors of the Company

believe that there are no significant increase in credit risk

of these amounts since initial recognition and the Group

provided impairment based on 12m ECL. As at 31 March 2025

and 2024, the Group asesed the ECL for other receivables

and rental deposits were insignificant and thus no los

alowance was recognised.

Pledged bank deposit and bank balances

The credit risk on liquid funds are limited because the

counterparties are banks and an insurance company with

high credit-ratings asigned by international credit-rating

agencies. The Group asesed 12m ECL for pledged bank

deposit and bank balances by reference to information

relating to probability of default and los given default of the

respective credit rating grades published by external credit

rating agencies. Based on the average los rates, the 12m ECL

on pledged bank deposit and bank balances are considered to

be insignificant.

The Group has concentration of credit risk on liquid funds

which are deposited with several banks with high credit

ratings.

The Group’s concentration of credit risk by geographical

locations is mainly in Hong Kong, which acounted for 92%

(2024: 87%) of the lease receivables and trade receivables as at

31 March 2025.

The Group has concentration of credit risk as 38% (2024:

11%) and 52% (2024: 34%) of the lease receivables and trade

receivables was due from the Group’s largest customer and

the five largest customers respectively within the industry of

the property and infrastructure construction.

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

AP Rentals Holdings Limited / Anual Report 2025

（续）

（续）

信贷风险及减值评估（续）

已抵押银行存款及银行结余（续）

本集团就内部信贷风险评级进行的评

估包括以下类别：

31. FINANCIAL INSTRUMENTS (Continued)

b. Financial risk management objectives and policies

(Continued)

Credit risk and impairment asesment (Continued)

Pledged bank deposit and bank balances (Continued)

The Group’s internal credit risk grading asesment comprises

the folowing categories:

Internal

credit gradingDescription

Trade receivables/

lease receivables

Other

financial asets

内部信贷评级内容

贸易应收款项╱

应收租赁款项其他金融资产

Low riskThe counterparty has a low risk of default and

does not have any past-due amounts over 1

year

Lifetime ECL —

not credit-impaired

12m ECL

低风险对方违约风险低，且于过去一年没有任何逾

期款项

全期预期信贷亏损 —

并无信贷减值

12个月预期信贷亏损

WatchlistDebtor frequently repays after due dates but

usualy setle in ful within 2 years

Lifetime ECL —

not credit-impaired

Lifetime ECL — not credit-

impaired

呆账债务人经常于到期日后偿付，但通常于两年

内悉数结清

全期预期信贷亏损 —

并无信贷减值

全期预期信贷亏损 —

并无信贷减值

LosThere is evidence indicating the aset is credit-

impaired

Lifetime ECL —

credit-impaired

Lifetime ECL — credit-

impaired

亏损有证据显示资产已信贷减值全期预期信贷亏损 —

信贷减值

全期预期信贷亏损 —

信贷减值

Write-ofThere is evidence indicating that the debtor is in

severe financial dificulty and the Group has no

realistic prospect of recovery

Amount is writen ofAmount is writen of

撇销有证据显示债务人处于严重财政困难，而本

集团无实际可收回款项的期望

金额已撇销金额已撇销

2025	Notes	External credit rating	Internal credit rating	12m or lifetime ECL	Gross carrying amount
2025年	附注	外部信贷评级	内部信贷评级	12个月或全期预期信贷亏损	账面总值
					HK$’000	HK$’000
					千港元	千港元
	19	N/A	(Note)	Lifetime ECL (not credit-impaired)	995
		不适用	（附注）	全期预期信贷亏损（并无信贷减值）
			Loss	Credit-impaired	131	1,126
			亏损	信贷减值
	19	N/A	(Note)	Lifetime ECL (not credit-impaired)	43,819
		不适用	（附注）	全期预期信贷亏损（并无信贷减值）
			Loss	Credit-impaired	11,938	55,757
			亏损	信贷减值
	25	N/A	Low risk	Lifetime ECL (not credit-impaired)	291	291
	25	不适用	低风险	全期预期信贷亏损（并无信贷减值）
	20	Aa3	N/A	12m ECL	360	360
	20	Aa3	不适用	12个月预期信贷亏损
	19	N/A	Low risk	12m ECL	650	650
	19	不适用	低风险	12个月预期信贷亏损
	20	Ba2 or above	N/A	12m ECL	108,281	108,281
	20	Ba2或以上	不适用	12个月预期信贷亏损

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

亚积邦租赁控股有限公司 / 2025年报

（续）

（续）

信贷风险及减值评估（续）

下表详述由本集团评估的本集团金融

资产信贷风险承担（受预期信贷亏损

评估规限）：

31. FINANCIAL INSTRUMENTS (Continued)

b. Financial risk management objectives and policies

(Continued)

Credit risk and impairment asesment (Continued)

The table below details the credit risk exposures of the Group’s

financial asets under the Group’s asesment, which are

subject to ECL asesment:

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

AP Rentals Holdings Limited / Anual Report 2025

（续）

（续）

信贷风险及减值评估（续）

31. FINANCIAL INSTRUMENTS (Continued)

b. Financial risk management objectives and policies

(Continued)

Credit risk and impairment asesment (Continued)

2024Notes

External

credit rating

Internal

credit rating12m or lifetime ECLGros carying amount

2024年附注外部信贷评级内部信贷评级12个月或全期预期信贷亏损账面总值

HK$’000HK$’000

千港元千港元

Financial asets at amortised cost

按摊销成本列账的金融资产

Trade receivables — sales of

machinery and parts19N/A(Note)Lifetime ECL (not credit-impaired)2,515

贸易应收款项 — 机械及零件销售不适用（附注）全期预期信贷亏损

（并无信贷减值）

LosCredit-impaired902,605

亏损信贷减值

Lease receivables19N/A(Note)Lifetime ECL (not credit-impaired)39,269

应收租赁款项不适用（附注）全期预期信贷亏损

（并无信贷减值）

LosCredit-impaired11,83451,103

亏损信贷减值

Amount due from a joint venture25N/ALow riskLifetime ECL (not credit-impaired)5,5525,552

应收一间合营企业的款项不适用低风险全期预期信贷亏损

（并无信贷减值）

Rental deposits19N/ALow risk12m ECL650650

租金按金不适用低风险12个月预期信贷亏损

Pledged bank deposit20Aa3N/A12m ECL360360

已抵押银行存款Aa3不适用12个月预期信贷亏损

Bank balances20Ba2 or aboveN/A12m ECL93,59693,596

银行结余Ba2或以上不适用12个月预期信贷亏损

Internal grouping	Average loss rate	Trade receivables from sales of machinery and parts	Lease receivables	Total
内部分组	平均亏损率	来自机械及零件销售的贸易应收款项	应收租赁款项	总计
		HK$’000	HK$’000	HK$’000
		千港元	千港元	千港元
	11%	804	37,455	38,259
	31%	191	6,364	6,555
	31%	995	43,819	44,814

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

亚积邦租赁控股有限公司 / 2025年报

（续）

（续）

信贷风险及减值评估（续）

附注：就应收租赁款项及贸易应收款项而

言，本集团已应用香港财务报告准

则第9号项下简化方式以计量于全

期预期信贷亏损的亏损拨备。除个

别评估的债务人，本集团透过在考

虑还款记录及╱或逾期状况，对具

有类似风险敞口进行分组，以厘定

有关项目的预期信贷亏损。有两个

内部分组分别称为A类别及B类别。

A类别客户的应收款项通常在到期

日后一年内结清，而B类别客户通

常在到期日一年后还款。

下表提供有关应收租赁款项及贸易应

收款项的信贷风险敞口的信息，有关

信息按于2025年3月31日的全期预期

信贷亏损（并无信贷减值）进行集体

评估。于2025年3月31日，账面总值

为12,069,000港元（2024年：11,924,000

港元）的应收账款获个别全期预期信

贷亏损（信贷减值）评估。

余额的账面总值

31. FINANCIAL INSTRUMENTS (Continued)

b. Financial risk management objectives and policies

(Continued)

Credit risk and impairment asesment (Continued)

Note: For lease receivables and trade receivables, the Group has

aplied the simplified aproach in HKFRS 9 to measure the los

alowance at lifetime ECL. Except for debtors that are asesed

individualy, the Group determines the ECL on these items by

grouping these items by similar risk exposure, after considering

repayment history, and/or past due status. There are two

internal grouping named as Clas A and Clas B respectively.

The receivables in Clas A are customers usualy setles within

one year after due date and Clas B are customers usualy repay

one year after due date.

The folowing table provides information about the exposure

to credit risk for lease receivables and trade receivables which

are asesed based on the colective asesment as at 31

March 2025 by lifetime ECL (not credit-impaired). Debtors with

gros carying HK$12,069,000 (2024: HK$11,924,000) as at 31

March 2025 were asesed individualy by lifetime ECL (credit-

impaired).

Gros carying amount for balances

2024年

Clas A6%2,51535,99338,508

A类别

Clas B29%–3,2763,276

B类别

2,51539,26941,784

Lifetime ECL	Lifetime ECL
(not credit-	(credit-
impaired)	impaired)	Total
全期预期信贷亏损（并无信贷减值）	全期预期信贷亏损（信贷减值）	总计
HK$’000	HK$’000	HK$’000
千港元	千港元	千港元

3,398	11,924	15,322
(217)	217	–
429	340	769
(2,452)	(979)	(3,431)
4,942	567	5,509
6,100	12,069	18,169

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

AP Rentals Holdings Limited / Anual Report 2025

（续）

（续）

信贷风险及减值评估（续）

余额的账面总值（续）

估计亏损率根据过往观察到的违约率

按应收账款的预计年期估计，并根据

无需付出过多费用或努力即可获得的

前瞻性资料进行调整。分组情况由管

理层定期检讨，以确保有关特定应收

账款的相关资料已更新。

下表显示就应收租赁款项及贸易应收

款项根据简化方式确认的全期预期信

贷亏损变动。

31. FINANCIAL INSTRUMENTS (Continued)

b. Financial risk management objectives and policies

(Continued)

Credit risk and impairment asesment (Continued)

Gros carying amount for balances (Continued)

The estimated los rates are estimated based on historical

observed default rates over the expected life of the debtors

and are adjusted for forward-loking information that is

available without undue cost or efort. The grouping is

regularly reviewed by management to ensure relevant

information about specific debtors is updated.

The folowing table shows the movement in lifetime ECL

that has ben recognised for lease receivables and trade

receivables under the simplified aproach.

At 1 April 2023于2023年4月1日5,35711,64216,999

Transfer to credit-impaired转拨至信贷减值(267)267–

Impairment loses recognised已确认减值亏损9235021,425

Impairment loses reversed已拨回减值亏损(5,413)(785)(6,198)

New financial asets originated新增金融资产2,7982983,096

At 31 March 2024于2024年3月31日

Transfer to credit-impaired转拨至信贷减值

Impairment loses recognised已确认减值亏损

Impairment loses reversed已拨回减值亏损

New financial asets originated新增金融资产

At 31 March 2025于2025年3月31日

Increase (decrease) in lifetime ECL
全期预期信贷亏损增加（减少）
Not credit-	Credit-
impaired	impaired
并无信贷减值	信贷减值
HK$’000	HK$’000
千港元	千港元
4,942	567
429	–
(217)	217
–	340
(2,452)	(979)

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

亚积邦租赁控股有限公司 / 2025年报

（续）

（续）

信贷风险及减值评估（续）

余额的账面总值（续）

贸易应收款项及应收租赁款项亏损拨

备变动主要由于：

31. FINANCIAL INSTRUMENTS (Continued)

b. Financial risk management objectives and policies

(Continued)

Credit risk and impairment asesment (Continued)

Gros carying amount for balances (Continued)

Changes in the los alowance for trade receivables and lease

receivables are mainly due to:

）

20252025年

Trade debtors aged within 1 year with

a gros amount of HK$42,350,000

recognised alowance for lease and

trade receivables

已就应收租赁款项及贸易应收款项

确认拨备总值42,350,000港元的

账龄为一年内的贸易应收账款

Trade debtors aged over 1 year but not

credit-impaired with a gros carying

amount of HK$1,934,000 recognised

alowance for lease and trade

receivables

已就应收租赁款项及贸易应收款项

确认拨备账面总值1,934,000港元

的账龄超过一年但并无信贷减值

的贸易应收账款

Trade debtors transfered to credit-

impaired with a gros carying

amount of HK$557,000

转拨至账面总值557,000港元的

信贷减值贸易应收账款

Trade debtors asesed as credit-

impaired with a gros carying amount

of HK$557,000 recognised alowance

for lease and trade receivables

已就应收租赁款项及贸易应收款项

确认拨备账面总值557,000港元的

信贷减值贸易应收账款

Setlement in ful of trade debtors with

a gros carying amount of

HK$34,292,000

悉数结清账面总值34,292,000港元的

贸易应收账款

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

AP Rentals Holdings Limited / Anual Report 2025

（续）

（续）

信贷风险及减值评估（续）

余额的账面总值（续）

31. FINANCIAL INSTRUMENTS (Continued)

b. Financial risk management objectives and policies

(Continued)

Credit risk and impairment asesment (Continued)

Gros carying amount for balances (Continued)

Increase (decrease)

in lifetime ECL

全期预期信贷亏损增加（减少）

Not credit-Credit-

impairedimpaired

并无信贷减值信贷减值

HK$’000HK$’000

千港元千港元

20242024年

Trade debtors aged within 1 year with

a gros amount of HK$51,243,000

recognised alowance for lease and

trade receivables

已就应收租赁款项及贸易应收款项

确认拨备总值51,243,000港元的

账龄为一年内的贸易应收账款

2,798298

Trade debtors aged over 1 year but not

credit-impaired with a gros carying

amount of HK$1,696,000 recognised

alowance for lease and trade

receivables

已就应收租赁款项及贸易应收款项

确认拨备账面总值1,696,000港元

的账龄超过一年但并无信贷减值

的贸易应收账款

923–

Trade debtors transfered to credit-

impaired with a gros carying

amount of HK$769,000

转拨至账面总值769,000港元的

信贷减值贸易应收账款

(267)267

Trade debtors asesed as credit-

impaired with a gros carying amount

of HK$769,000 recognised alowance

for lease and trade receivables

已就应收租赁款项及贸易应收款项

确认拨备账面总值769,000港元的

信贷减值贸易应收账款

–502

Setlement in ful of trade debtors with

a gros carying amount of

HK$52,361,000

悉数结清账面总值52,361,000港元的

贸易应收账款

(5,413)(785)

Weighted average interest rate	On demand or less than 1 year	1 to 2 years	More than 2 years	Total undiscounted cash flows	Carrying amounts
加权平均利率	按要求或少于1年	1至2年	多于2年	未贴现现金流量总额	账面值
%	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
%	千港元	千港元	千港元	千港元	千港元
–	14,319	–	–	14,319	14,319
2.03	20,482	18,196	5,103	43,781	41,860
4.21	3,337	2,919	2,093	8,349	7,946
4.21	38,138	21,115	7,196	66,449	64,125

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

亚积邦租赁控股有限公司 / 2025年报

（续）

（续）

流动资金风险

就流动资金风险的管理而言，本集团

监察及维持管理层认为足够的现金及

现金等价物水平以为本集团的营运

提供资金，并减低现金流量波动的影

响。

下表详列本集团非衍生金融负债的余

下合约到期日。图表按根据本集团可

被要求支付的最早日期金融负债的未

贴现金流量所编制。具体而言，带

有须按要求还款条款的借款包括于最

早的时间组别内，不论银行有多大可

能选择行使彼等的权利。其他非衍生

金融负债的到期日以协定还款日期为

基准。

流动资金风险分析

31. FINANCIAL INSTRUMENTS (Continued)

b. Financial risk management objectives and policies

(Continued)

Liquidity risk

In the management of the liquidity risk, the Group monitors

and maintains a level of cash and cash equivalents demed

adequate by the management to finance the operations of

the Group, and mitigate the efects of fluctuations in cash

flows.

The folowing tables detail the Group’s remaining contractual

maturity for its non-derivative financial liabilities. The tables

have ben drawn up based on the undiscounted cash flows

of financial liabilities based on the earliest date on which

the Group can be required to pay. Specificaly, borowings

with a repayment on demand clause are included in the

earliest time band regardles of the probability of the banks

chosing to exercise their rights. The maturity dates for other

non-derivative financial liabilities are based on the agred

repayment dates.

Liquidity risk analysis

31 March 20252025年3月31日

Non-derivative financial liabilities非衍生金融负债

Trade and other payables贸易及其他应付款项

Borowings借款

Other item其他项目

Lease liabilities租赁负债

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

AP Rentals Holdings Limited / Anual Report 2025

（续）

（续）

流动资金风险（续）

流动资金风险分析（续）

上述到期日分析「按要求或少于1年」

时间组别中包括本集团带有须按要

求还款条款的借款。于2025年3月31

日，此等借款的账面值为38,768,000

港元（2024年：36,385,000港元）。

31. FINANCIAL INSTRUMENTS (Continued)

b. Financial risk management objectives and policies

(Continued)

Liquidity risk (Continued)

Liquidity risk analysis (Continued)

Weighted

average

interest rate

demand or

les than

1 year

1 to 2

years

than

2 years

Total

undiscounted

cash flows

Carying

amounts

加权

平均利率

按要求或

少于1年1至2年多于2年

未贴现金

流量总额账面值

%HK$’000HK$’000HK$’000HK$’000HK$’000

%千港元千港元千港元千港元千港元

31 March 20242024年3月31日

Non-derivative financial liabilities非衍生金融负债

Trade and other payables贸易及其他应付款项–24,829–24,82924,829

Borowings借款5.5938,08592617439,18539,153

Amount due to a joint venture应付一间合营企业的款项 –420–420420

Other item其他项目

Lease liabilities租赁负债4.013,484401–3,8853,519

66,8181,32717468,31967,921

The Group’s borowings with a repayment on demand clause

are included in the “On demand or les than 1 year” time band

in the above maturity analysis. At 31 March 2025, the carying

amounts of these borowings amounted to HK$38,768,000

(2024: HK$36,385,000).

Maturity Analysis — Borrowings subject to a repayment on demand clause based on scheduled repayment dates
到期日分析 — 带有须按要求还款条款根据预订还款日期的借款
Less than one year	1 to 2 years	2 to 5 years	Total undiscounted cash outflows	Carrying amounts
少于1年	1至2年	2至5年	未贴现现金流出总额	账面值
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元	千港元
18,629	17,094	4,794	40,517	38,768

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

亚积邦租赁控股有限公司 / 2025年报

（续）

（续）

流动资金风险（续）

流动资金风险分析（续）

经考虑本集团财务状况后，董事相信

交易方不大可能行使彼等的酌情权要

求即时还款。董事相信该等借款将根

据贷款协议所载预订还款日期偿还，

有关详情载于下表：

倘浮动利率的变动与于报告期末厘定

的利率估计有所差异，则已包括于上

述非衍生金融负债浮动利率工具的金

额会有所变动。

c. 金融工具的公允值计量

本公司董事认为于综合财务报表按摊

销成本列账的金融资产及金融负债账

面值与其公允值相若。

31. FINANCIAL INSTRUMENTS (Continued)

b. Financial risk management objectives and policies

(Continued)

Liquidity risk (Continued)

Liquidity risk analysis (Continued)

Taking into acount the Group’s financial position, the directors

do not believe that it is probable that the counterparties

wil exercise their discretionary rights to demand imediate

repayment. The directors believe that such borowings wil be

repaid in acordance with the scheduled repayment dates set

out in the loan agrements, details of which are set out in the

table below:

31 March 20252025年3月31日

31 March 20242024年3月31日12,99212,33113,34338,66636,385

The amounts included above for variable interest rate

instruments for non-derivative financial liabilities are subject

to change if changes in variable interest rates difer to those

estimates of interest rates determined at the end of the

reporting period.

c. Fair value measurements of financial instruments

The directors of the Company consider that the carying

amounts of financial asets and financial liabilities recorded

at amortised cost in the consolidated financial statements

aproximate their fair values.

2025
2025年
HK$’000
千港元
1,110
94
–

2025
2025年
HK$’000
千港元
13,800

2025
2025年
HK$’000
千港元
6,042
3,112
360
9,514

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

AP Rentals Holdings Limited / Anual Report 2025

32. 经营租赁安排

本集团为出租人

本集团持有的所有用于租赁的机器及机械

都有未来三年的承租人。

有关租赁的应收未贴现租赁付款如下：

33. 资本承担

34. 资产质押

于报告期末已质押予银行作为本集团所获

授借款及融资抵押品的资产如下：

32. OPERATING LEASING ARANGEMENTS

The Group as lesor

Al of the plant and machinery held by the Group for rental purposes

have comited leses for the next thre years.

Undiscounted lease payment receivable on leases are as folows:

2024年

HK$’000

千港元

Within one year一年内3,600

In the second year第二年125

In the third year第三年94

33. CAPITAL COMITMENTS

2024年

HK$’000

千港元

Capital expenditure in respect of the

acquisition of property, plant and

equipment contracted for but not

provided in the consolidated statement

of financial statements

就已订约但未于综合财务报表

计提拨备的收购物业、机械及

设备的资本开支

19,754

34. PLEDGE OF ASETS

The folowing asets were pledged to banks as securities to secure

the borowings and facilities granted to the Group at the end of the

reporting period:

2024年

HK$’000

千港元

Property, plant and equipment物业、机械及设备4,519

Deposit placed for a life insurance policy寿险保单存款3,047

Pledged bank deposit已抵押银行存款360

7,926

2025
2025年
A joint venture	A shareholder of the Company	A related company in which Mr. Lau Pong Sing and Ms. Chan Kit Mui, Lina have beneficial interest
合营企业	本公司一名股东	一间由刘邦成先生及陈洁梅女士拥有实益权益的关联公司
HK$’000	HK$’000	HK$’000
千港元	千港元	千港元
–	–	–
–	–	720
–	–	–
–	–	–
–	–	–
–	–	–
–	–	–
500	–	–

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

亚积邦租赁控股有限公司 / 2025年报

35. 关联方披露

除其他部分所披露者外，于本年度，本集

团与若干董事拥有实益权益的关联方订立

下列交易：

关联方结余于综合财务状况表及相关附注

中披露。

本公司的主要管理层人员为董事，而彼等

的酬金计入附注11所披露的薪酬。董事一

名近亲的酬金计入附注11所披露的最高薪

雇员酬金。

35. RELATED PARTY DISCLOSURES

Other than as disclosed elsewhere, during the year the Group

entered into the folowing transactions with related parties in which

some directors have beneficial interests:

2024年

joint

venture

A shareholder

of the

Company

A related

company

in which

Mr. Lau

Pong Sing and

Ms. Chan

Kit Mui, Lina

have beneficial

interest

合营企业本公司一名股东

一间由刘邦成

先生及陈洁梅

女士拥有实益

权益的

关联公司

HK$’000HK$’000HK$’000

千港元千港元千港元

Placement of rental deposit交付租金按金–120

Short-term lease expenses短期租赁开支–420

Purchase of machinery购买机械 4,617–

Revenue from leasing equipment设备租赁收益477–

Operating lease expenses in respect

of leasing machinery

有关租赁机械的

经营租赁开支–420–

Instalation charge安装费182–

Expenses paid on behalf of

joint venture

代表合营企业支付

的费用 291–

Contribution to a joint venture向一间合营企业注资–

Balances with related parties are disclosed in the consolidated

statement of financial position and related notes.

The Company’s key management personel are the directors and

their remunerations are included in the emoluments disclosed in

note 11. The remunerations of a close family member of the directors

are included in the highest paid employes disclosed in note 11.

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

AP Rentals Holdings Limited / Anual Report 2025

36. RECONCILIATION OF LIABILITIES ARISING FROM

FINANCING ACTIVITIES

The table below details changes in the Group’s liabilities arising from

financing activities, including both cash and non-cash changes.

Liabilities arising from financing activities are those for which cash

flows were, or future cash flows wil be, clasified in the Group’s

consolidated statement of cash flows as cash flows from financing

activities.

Dividend

payableBorowings

Lease

liabilitiesTotal

已付股息借款租赁负债总计

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

At 1 April 2023于2023年4月1日–35,2627,07942,341

Financing cash flows融资现金流量(5,616)2,431(3,871)(7,056)

Dividend declared已宣派股息5,616–5,616

Finance costs融资成本–1,4601961,656

New lease entered新订租赁 –230230

Exchange realignment汇兑调整 –(115)(115)

At 31 March 2024于2024年3月31日–39,1533,51942,672

Financing cash flows融资现金流量(6,566)968(3,917)(9,515)

Dividend declared已宣派股息6,566–6,566

Finance costs融资成本–1,7391481,887

New lease entered新订租赁 –7,7047,704

Exchange realignment汇兑调整 –492492

At 31 March 2025于2025年3月31日–41,8607,94649,806

36. 融资活动产生的负债对账

下表列出本集团因融资活动产生的负债变

动详情，包括现金及非现金变动。融资活

动产生的负债指其现金流量或未来现金流

量已或将于本集团综合现金流量表中分类

为融资活动所得现金流量的负债。

2025
2025年
100%
–
–
100%
100%
–

2025
2025年
–
100%
100%
–
–
100%

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

亚积邦租赁控股有限公司 / 2025年报

37. 附属公司详情

于2025年3月31日及2024年3月31日，本

公司附属公司详情如下：

37. PARTICULARS OF SUBSIDIARIES

Particulars of the Company’s subsidiaries as at 31 March 2025 and 31

March 2024 were as folows:

Name of subsidiaries

Place of

incorporation/

registration/

operation

Isued and

fuly paid ordinary

share capital/

registered capital

Equity interests

atributable to the GroupPrincipal activities

附属公司名称

注册成立╱

登记╱经营地点

已发行及缴足

普通股本╱

注册股本集团应占股权主要业务

DirectlyIndirectly

直接间接

2024年2024年

AP Rentals (BVI) Holdings LimitedBritish Virgin IslandsUS$2100%–Investment holding,

AP Rentals (BVI) Holdings Limited英属处女群岛2美元投资控股

AP Rentals LimitedHong KongHK$27,378,000–100%Investment holding, trading and leasing

of equipment, and provision of leased

related operating and other related

services

亚积邦租赁有限公司香港27,378,000港元投资控股、买卖及租赁设备，

以及提供租赁相关的操作及

其他相关服务

AP Equipment Leasing and

Enginering Limited

MacauMOP25,000–100%Leasing of equipment

亚积邦建机租赁及工程

有限公司

澳门25,000澳门元租赁设备

AP Equipment Rentals (Singapore)

Pte. Ltd.

SingaporeSGD100,000100%–Trading and leasing of equipment, provision

of lease related operating and other

related services

AP Equipment Rentals (Singapore)

Pte. Ltd.

新加坡100,000新加坡元买卖及租赁设备、提供租赁相关的

操作及其他相关服务

AP Rentals China (BVI) Holdings

Limited

British Virgin IslandsUS$2100%–Investment holding

AP Rentals China (BVI) Holdings

Limited

英属处女群岛2美元投资控股

AP Power LimitedHong KongHK$10,000–100%Provision of mobile electricity suplies and

solutions and relevant comodities and

acesories and short-term leasing of

equipment

亚积邦电力有限公司香港10,000港元提供流动供电及解决方案

以及相关商品与配件，

以及短期租赁设备

2025
2025年
–
–
–

2025
2025年
100%
100%
100%

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

AP Rentals Holdings Limited / Anual Report 2025

37. PARTICULARS OF SUBSIDIARIES (Continued)37. 附属公司详情（续）

Name of subsidiaries

Place of

incorporation/

registration/

operation

Isued and

fuly paid ordinary

share capital/

registered capital

Equity interests

atributable to the GroupPrincipal activities

附属公司名称

注册成立╱

登记╱经营地点

已发行及缴足

普通股本╱

注册股本集团应占股权主要业务

DirectlyIndirectly

直接间接

2024年2024年

AP Rentals (China) LimitedHong KongHK$10,000–100%Investment holding

亚积邦租赁（中国）有限公司香港10,000港元投资控股

AP Rentals (Shanghai) Limited*The PRCUS$2,100,000–100%Leasing of equipment

亚积邦建设工程机械（上海）

有限公司

中国2,100,000美元租赁设备

AP Equipment Solutions LimitedHong KongHK$10,000–100%Investment holding, trading and leasing

of equipment and provision of leased

related operating and other related

services

亚积邦设备方案有限公司香港10,000港元投资控股、买卖及租赁设备，

以及提供租赁相关的操作及

其他相关服务

None of the subsidiaries had isued any debt securities at the end of

the reporting period.

* The subsidiary is a wholy foreign owned enterprise.

38. EVENTS AFTER THE REPORTING PERIOD

In May 2025, the Group has bought a keyman insurance policy

(the “Keyman Policy”), with the insured being Mr. Lau Tsz Fung,

an executive director of the Company, for a sum insured of USD2.5

milion with a single premium of aproximately USD0.5 milion,

with a subsidiary being the policyholder of the Keyman Policy. The

Keyman Policy is to be pledged with a bank for the provision of

financial facility amounting to HK$35 milion to subsidiaries as stated

in the facility leter isued by the bank on 19 March 2025 (the “Facility

Leter”). The Facility Leter was aproved by the board of directors

of the Company (the “Board”) on 30 April 2025.

于报告期末，概无附属公司已发行任何债

务证券。

38. 报告期后事项

于2025年5月，本集团已购买一份关键人

物保险（「关键人物保险」），受保人为本公

司执行董事刘子锋先生，保额为2.5百万美

元，单一保费约为0.5百万美元，而一间附

属公司为关键人物保险的投保人。根据银

行于2025年3月19日发出的融资函件（「融

资函件」）所述，关键人物保险将抵押予银

行，以向附属公司提供35百万港元的财务

融资。融资函件已于2025年4月30日获本

公司董事会（「董事会」）批准。

CONTENTS

目录

ABOUT

AP RENTALS

关于亚积邦租赁

ABOUT

AP RENTALS

关于亚积邦租赁

CORPORATE INFORMATION

公司资料

CORPORATE INFORMATION

公司资料

CORPORATE EVENT HIGHLIGHTS

企业活动摘要

CORPORATE EVENT HIGHLIGHTS

企业活动摘要

主席报告

CHAIRMAN’S

STATEMENT

CHAIRMAN’S STATEMENT

主席报告

CHAIRMAN’S STATEMENT

主席报告

CHAIRMAN’S STATEMENT

主席报告

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

5. The contract for the terminal 5 was anounced in May 2025, totaling

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

FIVE YEAR FINANCIAL SUMARY

五年财务概要

FIVE YEAR FINANCIAL SUMARY

五年财务概要

FIVE YEAR FINANCIAL SUMARY

五年财务概要

DIRECTORS’ REPORT

董事会报告

DIRECTORS’ REPORT

董事会报告

DIRECTORS’ REPORT

董事会报告

DIRECTORS’ REPORT

董事会报告

DIRECTORS’ REPORT

董事会报告

1. Purpose of the Share Option Scheme

DIRECTORS’ REPORT

董事会报告

2. Who may join and basis for determining eligibility

DIRECTORS’ REPORT

董事会报告

3. Maximum number of shares of the Company (“Shares”)

4. The maximum entitlement of each participant under

5. Time of exercise of option

DIRECTORS’ REPORT